News article 10/01/2013

(Issued 10 January 2013) 
 

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 initiative¹, 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 20².  Further increasing choice for buyers, an announcement regarding the participation of Bank of Scotland/Halifax in the scheme, joining RBS and Nationwide, is also anticipated shortly.

Stretching the length and breadth of the country, MI New Home offers a valuable solution for creditworthy customers previously locked out of the market by high deposit requirements averaging 25%³, providing them with the opportunity to buy a new home wherever they may be located.

The latest round of builders joining the scheme comes on the back of new Halifax research showing that Scotland is home to the top eight most affordable areas for First Time Buyers⁴.

Lanarkshire couple Lindsay Maxwell and Stephen Thomson were the first to take advantage of the scheme following its launch last autumn. Previously living with their parents, they have just enjoyed Christmas in their new home. Lindsay said:

“Having Christmas in our own home and being able to invite our family and friends round during the holidays was a dream come true. 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.”

A new standalone website containing full details on the scheme, qualification criteria, links to participating builders’ websites and advice on what interested buyers should do next has also just been launched at www.minewhome.co.uk.

Ends

Notes:

1. MI New Home has been developed by Homes for Scotland with the support of the Scottish Government. Visit www.minewhome.co.uk for further details.

2. As at 7 January 2013, the following builders are participating in MI New Home:

Bancon Homes, Mansell Homes, Barratt Homes, Merchant Homes, Bellway Homes, Miller Homes, Chap Homes, Persimmon Homes, Charles Church, Springfield, David Wilson Homes, Stewart Milne Homes, Deveron Homes, Taylor Wimpey, Lovell, Mactaggart & Mickel, Ogilvie Homes, Tulloch Homes, Kier Homes, Scotia Homes.

3. Source: Council of Mortgage Lenders

4. Source: Halifax http://www.lloydsbankinggroup.com/media/pdfs/halifax/2012/2912_first.pdf  

5. Photos of MI New Home buyers Lindsay Maxwell and Stephen Thomson are available on request.