With a similar scheme already being established in Scotland, the Scottish home building industry today described Westminster’s announcement on plans to make higher loan to value ratio mortgages more available and accessible for buyers of new homes in England as a 'positive step' which would help provide consistency across the border.

Jonathan Fair, Chief Executive of trade body Homes for Scotland, said: "We have been working with the Scottish Government since June on the development of our own ‘MI New Home’ initiative which is set to launch in the New Year and drive 95% mortgage lending back into the market here.

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"Helping to create new home owning opportunities for those who can afford mortgages but are currently excluded due to high deposit requirements will not only deliver much needed new housing but also create vital jobs and stimulate economic growth.

"Thankfully for colleagues in England, Westminster now seems to have woken up to the importance of addressing this issue which we have been highlighting for the last two years as the main obstacle to recovery in the housing sector."

(GK)