Do I qualify?

If you wish to take advantage of the MI New Home scheme, you will need to qualify for a mortgage with a participating lender in the usual way and be subject to the lender’s normal assessment criteria.

You must also have saved between a 5% and 10% deposit and be able to answer “yes” to all the following questions:

  • Is the property a new build property in Scotland being sold through a builder participating in the scheme?
  • Is the price of the property £250,000 or less?
  • Is it a standard purchase (not shared equity or shared ownership)?
  • Will the property be your main home (not a second home or a property you plan to rent out)?
  • Are you a UK citizen or do you have “indefinite leave to remain in the UK”?
  • Have you saved the deposit without any help from a local authority or public authority?
Back to menu