News article 12/01/2013

(Issued 12 January 2013) 

Despite significant improvements in mortgage affordability, the latest Bank of Scotland Home Movers Review highlights second steppers are “bearing the brunt of the stagnant housing market” as they struggle to fund deposits averaging £47,000¹.

However, help to move up the property ladder is at hand through the MI New Home scheme² which is supported by the Scottish Government and could make buying more achievable by helping those with as little as a 5% deposit purchase a newly built home up to £250,000.

Based on the average semi-detached house price of £133,711 given by Bank of Scotland, this would equate to a much more attainable deposit of less than £7,000.

With the scheme now available through 20 home builders³ across the whole of Scotland, further details, including qualification criteria and information on what to do next, can be found at www.minewhome.co.uk.

Ends

Notes:

1. Source: Bank of Scotland Home Movers Review

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

3. As at 11 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.