Chris and Debby were able to purchase their first home at Taylor Wimpey’s Ferry Village development in Renfrew thanks to the simplicity of the MI New Home scheme.
Using the new MI New Home Scheme has allowed one couple to make the step from rented accommodation to their first new home at Taylor Wimpey’s Ferry Village development in Renfrew much faster than they’d anticipated!
Chris Peacock (24), a local Quantity Surveyor, and his partner Debby Bruce (23), a nurse at the Royal Alexandra Hospital in Paisley had been keeping an eye on the property market whilst they rented a property in Paisley, and saved up a deposit for their first property purchase.
Through Chris’s job as a local Quantity Surveyor they’d heard about the MI New Home Scheme and popped along to Ferry Village near Braehead when the scheme was announced as Chris explains:
“I’d heard about MI New Home through my job as a Quantity Surveyor, and I decided to check out whether it would work for us, whilst also considering some of the other incentives such as shared equity which are around. But I liked the simplicity of MI New Home. I wanted to be able to pay a deposit and then know what my monthly mortgage payment would be so this was just perfect for us.
“Getting access to a 95% mortage through MI New Home has allowed us to move between 6-12 months earlier than we thought we’d be able to. The big difference is that we need just half the level of deposit that we’d originally thought we’d have to find in order to get the type of home we wanted.
“It’s definitely made it a much easier move than I thought. And Taylor Wimpey has handled everything really smoothly and explained the process every step of the way, so it’s been pretty easy to understand and it’s not phased us at all.
“We’re so much happier that we’ve decided to buy now rather than continuing to rent. We’d much rather be paying into something that we own rather than paying out rent to someone else.”
Ferry Village offers the couple a great location to start their property journey as Debby adds:
“The whole experience of buying a new home has been really exciting and we’re over the moon that MI New Home worked for us and has made this move happen so quickly.
“Ferry Village is perfect for us, we’ve been renting in Paisley so we know the area, and we’ve got lots of friends and family around so we feel right at home here. It’s also really handy for my work. The whole process has been great for us because we’ve managed to buy a new flat much sooner than we thought – and we’ve bought the show-flat so it’s just ready to move into so we’re just over the moon.”
MI New Home is the Scottish Government and home building industry supported scheme aimed at increasing the availability of 95% loan to value mortgages.
The initiative, which has been developed by home building industry body Homes for Scotland, is available on brand new properties up to the value of £250,000. The scheme is open to all looking to buy a new home and means that credit-worthy buyers may now only need to save a 5% deposit before they can get on the property ladder. Home movers with limited equity in their existing home will also benefit from the increase in availability of 95% loan to value mortgages.
Taylor Wimpey offers a great choice of new homes right across Scotland that are available under the MI New Home Scheme as Audrey Ross, sales and marketing director for Taylor Wimpey West Scotland adds:
“MI New Home is available on properties upto £250,000, so buyers will find a superb choice of new homes below this threshold across our extensive network of Scottish developments.
“It’s great to see young first time buyers like Chris and Debby being able to take those first steps onto the property ladder and reaping the rewards that MI New Home offers.”
Listen to Chris and Debby talk about their experience of buying their first home through the MI New Home scheme here. For more information on Taylor Wimpey developments across the west of Scotland offering MI New Home visit www.taylorwimpey.co.uk/westscotland