Lanarkshire couple Lindsay Maxwell (34) and Stephen Thomson (30) were the first Scots to take advantage of the MI New Home scheme, buying at Persimmon Homes’ Cloverfields development in Holytown.
“We thought it would take at least another year of saving for a deposit before we could move but the MI New Home scheme made a huge difference and just goes to prove that you shouldn’t be put off – there are mortgage options out there. Best of all though, because our home is brand new, we were able to start enjoying it right away without having to bother about any DIY or redecoration!”
With Scottish home buyers having to find an average deposit of 25% (which equates to nearly £40,000 based on the cost of a 2011/12 Registers of Scotland average house price), MI New Home offers a solution to creditworthy buyers who have found themselves locked out of the market as a result of such high deposit requirements. It is NOT restricted to First Time Buyers and aims to help all those with only a 5-10% deposit achieve their home ownership aspirations.
Through the Scottish Government-supported scheme, participating lenders can offer 90-95% mortgages on homes up to £250,000 sold by participating builders. Open to anyone looking to buy a new home, as many as 6,000 households could be helped over the next three years.
Derek Pollard from specialists Mortgageforce Scotland, who guided Lindsay and Stephen throughout their mortgage application process, said:
“Lindsay & Stephen are a great example of why MI New Home is such an important addition to the Scottish housing market. With a 5% deposit and a real appetite to buy sooner rather than later, MI New Home has enabled them to purchase their own house with monthly mortgage payments that are both competitive and sustainable for them. They now have an exciting new chapter in their lives to look forward to.”
For further information and to search for Persimmon Homes’ properties available through MI New Home visit www.persimmonhomes.com/mi-new-home .
Read about the experiences of other buyers below:
More information on first time buyers Rachel Watson and Gary Falconer, who purchased their new home at Barratt East Scotland’s Oakfield Gait development in Dalgety Bay through MI New Home can be accessed here.
Find out more about Chris Peacock and Debby Bruce’s experience of buying their first new home at Taylor Wimpey’s Ferry Village development in Renfrew with the scheme here.