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95% mortgage scheme reaches landmark as it helps more than 500 on way to buying a new home (30.07.13)

The MI New Home 95% mortgage scheme has already helped more than 500 Scottish households on their way to achieving their home ownership aspirations – safeguarding jobs, creating apprenticeships and providing a vital economic boost along the way as it averages £10m in new home sales every month.

The details were announced today by industry body Homes for Scotland, which launched the scheme in partnership with lenders and the Scottish Government last autumn to help creditworthy buyers locked out of the market by high deposit requirements purchase a new build home up to £250,000 with only a 5-10% deposit.

Backed by Bank of Scotland, Nationwide and RBS, the scheme has gone from strength to strength since its introduction with the number of participating builders now standing at 25, more than double the launch figure.

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