The MI New Home scheme allows creditworthy borrowers to access 90 to 95 per cent 'loan to value' mortgages from participating lenders to buy new-build homes in Scotland, with a maximum sales price of £250,000. It was developed in recognition of the fact that many creditworthy buyers are currently unable to buy a new home because they are unable to save the large deposits which lenders now need.
The scheme has been developed by industry body Homes for Scotland, working closely with the Scottish Government, the Council for Mortgage Lenders and insurance specialist Jardine Lloyd Thompson. The Scottish Government is supporting it through the provision of a guarantee to lenders.
Further details about the scheme are also available at www.minewhome.co.uk.