Home building industry body Homes for Scotland has welcomed the launch of the "NewBuy" mortgage scheme in England and announced that customers looking to buy a new home north of the border won’t have long to wait until an equivalent scheme is available in Scotland.

This follows last week’s confirmation of further Scottish Government support for the scheme called “MI New Home” which aims to drive 95 per cent loan to value mortgages back in to the lending mainstream for those who can sensibly and sustainably afford such products.

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It is estimated that the scheme could help up to 6,000 households which can afford a mortgage on a new build property but are currently locked out due to high deposit requirements. Homes for Scotland also projects that the new scheme could create or safeguard 22,800 new construction jobs and over 650 apprenticeships.

The organisation’s Chief Executive Jonathan Fair said: "Constraints surrounding mortgage lending have proved the biggest single obstacle to recovery in the housing market. MI New Home has the potential to make a difference across many fundamental areas.

"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 are significant."

(GK)