News article 5/03/2012

(Issued 5 March 2012) 
 

The Scottish Government has today announced that it is to support a three year national mortgage idemnity scheme by providing a guarantee to facilitate its launch.

The scheme, which has been developed by home building industry body Homes for Scotland, in conjunction with insurance specialist Jardine Lloyd Thompson, will help an estimated 6,000 households who could sensibly and sustainably afford a mortgage on a new build property, but are currently locked out due to high deposit requirements

Homes for Scotland Chief Executive Jonathan Fair said:

“Constraints surrounding mortgage lending have proved the single biggest obstacle to recovery in the housing market.

“It has therefore taken us a huge amount of effort and innovation to get to this point so we are absolutely delighted to be leading a scheme which we believe has the potential to make such a difference to so many fundamental areas.

“Our projections show that over the next three years the new scheme could create or safeguard 22,800 jobs and 650 apprenticeships.

“Whether you choose to look at the delivery of much needed new housing investment, creating jobs, stimulating the wider economy or increasing the quality of Scotland’s housing stock, the social, economic and environmental benefits of implementing MI New Home are significant.”

Click here to read the full Scottish Government press release.