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?