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The MI New Home Scheme
The MI New Home scheme provides access to low rate 95% mortgages, now exclusively available for new homes throughout Scotland. The scheme, developed by home building industry body Homes For Scotland, is supported by the Scottish government and intends to support 6,000 additional home sales in the next three years.
MI New Home was launched on 12th September and has been strongly supported by both national and local new home builders, providing a huge choice of eligible properties for buyers. The scheme is available to first time buyers and previous home owners and can be used to purchase new build flats or houses, up to £250,000.
Lenders can offer these low deposit loans, as mortgage indemnity (MI) is provided by way of a guarantee by the participating builder, which reduces the risk to the lender. Unlike other low deposit mortgage schemes, there are no ongoing charges or conditions for purchases as the mortgage indemnity is an agreement between the builder and the lender only, so buyers can take advantage of low rate 95% mortgages.
Who is eligible for the scheme?
Anyone who has saved between a 5% and 10% deposit and can meet the participating lender‘s requirements will be considered for the scheme as long as the following criteria are met:
- The property must be a new build, in Scotland and part of the scheme.
- The price of the property must be £250,000 or less.
- The purchase must be a standard purchase (i.e. not shared equity or shared ownership).
- The property must be your main home.
- You must be a UK citizen or have ‘indefinite leave to remain in the UK’.
- You must have saved your deposit without the help from a local authority or public authority.
How can First Mortgage help me with the MI New Home scheme?
As Scotland’s leading whole of market mortgage advisor we‘re fully expert in every aspect of the MI New Home scheme and can impartially advise on all the ins and outs of how the scheme works.
Should you decide to take advantage of the scheme we‘ll search out the very best 95% mortgage on the High Street backed by a ‘Best In Market’ mortgage promise that simply won‘t be beat.
Better still, we‘ll also complete all the paperwork for you and deal with the lenders at every stage of the process to ensure everything goes smoothly from start to finish.
Interested? Then call today and discover what national award winning mortgage advice can do for you.
Alternatively leave your details in the contact form to the left and we‘ll get in touch with you.