News article 30/10/2012

(Issued 30 October 2012) 
 

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

With Scottish home buyers having to find an average deposit of 25% (which equates to nearly £40,000 based on the cost of an average home), MI New Home offers a solution to credit-worthy buyers who have found themselves locked out of the market as a result of such high deposit requirements.

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.

Persimmon Homes’ customers Lindsay and Stephen have been the first to benefit, moving in to their new home at Cloverfields, Holytown over the weekend.

Lindsay said:

“I can’t believe we are now living in our new home. It’s a dream come true. Still both living with our respective parents, we didn’t think it would be possible to move for at least another year in order that we would have more time to save for a deposit.

“MI New Home has really made a massive difference to us and just goes to prove there are options available which you don’t need a huge deposit for. Best of all though, because our house is brand new, we’ve been able to move in and start enjoying it right away without having to bother about any DIY or redecoration!”

There are now 16 builders participating in the scheme with more set to come on board. Lenders include Nationwide and RBS with Halifax/Bank of Scotland launching products later in the year.

Noting the importance of the scheme in helping to get the housing market moving again, John Cassie, regional Scottish chairman of Persimmon Homes, said:

“Increasing the range of accessible mortgage options, MI New Home looks set to boost the housing market for both first time buyers and those looking to move up the property ladder.

“We are delighted to have helped Lindsay and Stephen to purchase their first home much sooner than they would have been able to otherwise, and look forward to introducing future customers to the initiative.”

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.”

Further information on MI New Home can be found at www.minewhome.co.uk