What is it and how does it work?

Supported by the Scottish Government, MI New Home has been developed by the home building industry working in partnership with lenders.

It aims to overcome the difficulties caused by large deposit requirements which have been preventing many people from buying a new home.

Through the scheme, participating lenders will offer up to 95% mortgages on homes up to £250,000 sold by participating builders.

It is open to anyone looking to purchase a new home and is not restricted to first time buyers.


  • MI New Home does not change a borrower’s responsibility to repay the mortgage in any way.
  • A borrower’s home may be repossessed if they do not keep up with their mortgage payments.
  • If a borrower’s home is repossessed, they will be responsible for repaying any shortfall between the sale price of the property and the outstanding mortgage.

The equivalent scheme in England is called “NewBuy”.  Click here for further details.

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