New Home Initiative Increases Mortgage Availability

The availability of 95% mortgages for Scottish buyers has been given a boost due to the addition of a new round of builders to the MI New Home initiative, according to Homes For Scotland.

The initiative has been developed by Homes for Scotland with the support of the Scottish Government.

It aims to help those with smaller deposits purchase a new home up to £250,000.

20 builders are now taking part in the scheme, following the addition of Mactaggart & Mickel, Scotia Homes, Kier Homes, Ogilvie Homes and Tulloch Homes.


The nation-wide MI New Home initiative is intended to offer a solution for creditworthy customers locked out of the market by high deposit requirements averaging 25%.

Halifax research has recently shown Scotland is home to the top eight most affordable areas for First Time Buyers.

Lanarkshire couple Lindsay Maxwell and Stephen Thomson decided to take advantage of the scheme.

They told Homes for Scotland: "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."

(IT)