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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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95% mortgage scheme goes from strength to strength as new round of builders sees it more than double in size (28.05.13)

The MI New Home 95% mortgage scheme, which aims to help buyers overcome the barrier of high deposit requirements, continues to go from strength to strength with the announcement that a new round of builders have signed up to the initiative.

As well as significantly increasing the options available to those looking to move onto and up the housing ladder, this also means that the Scottish Government-supported scheme has more than doubled in size since its launch in September last year as A & J Stephen, Cruden Homes, Muir Homes, Bett Homes and Discovery Homes (Scotland) Ltd take the number of builders participating in the scheme to 25.

The scheme enables credit-worthy buyers, whether they are looking to make their first purchase or move to suit changing lifestyle requirements, buy a new build home up to £250,000 with only a 5-10% deposit.  And with rates from participating lenders continuing to drop, buying a new home is now even more attractive.

MI New Home also now offers the option of part exchange, helping to remove the problem and stress of finding a buyer for existing home owners.

Philip Hogg, Chief Executive of home building industry body Homes for Scotland which developed MI New Home, said:

“Helping buyers achieve their home ownership aspirations, this latest announcement provides another welcome boost to a still fragile industry.  Whether creating and safeguarding vital construction jobs or stimulating wider economic recovery, the benefits surrounding the scheme are significant.”

For a full listing of participating builders, click here.

Part exchange now available with MI New Home 95% mortgages (25.01.13)

Home buyers in Scotland looking to move up the housing ladder now have the option of trading in their existing property in part exchange for a new build up to the value of £250,000, and all with the benefit of a 95% mortgage through the MI New Home scheme.

The incentive, which is available from Monday 28 January, offers another solution to credit-worthy home owners by removing the problem of finding a buyer in the current market. Coupled with high deposit requirements averaging 25%, this can often result in a frustrating wait to purchase a new property.

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Availability of 95% mortgages for new homes gets massive boost (13.01.13)

The availability of 95% mortgages for Scottish buyers has been given a massive boost as a new round of builders join the MI New Home initiative, which aims to help those with smaller deposits purchase a new home up to £250,000, and others get set to follow shortly.

The recent addition of Mactaggart & Mickel, Scotia Homes, Kier Homes, Ogilvie Homes and Tulloch Homes takes the number of builders participating in the Scottish Government supported scheme to 20.

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MI New Home celebrates first sale (30.10.12)

Lanarkshire couple Lindsay Maxwell (34) and Stephen Thomson (30) are celebrating being the first Scots to buy a new home through the MI New Home scheme which has been specifically developed to help those with only a 5-10% deposit achieve their home ownership aspirations.

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