Please note that the MI New Home scheme closed to new applications on 31 March 2015. This page is provided for reference only
The MI New Home scheme allowed 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 were unable to buy a new home because they were unable to save the large deposits which lenders needed.
The scheme was developed by Homes for Scotland, working closely with the Scottish Government, the Council for Mortgage Lenders and insurance specialist Jardine Lloyd Thompson. The Scottish Government supported it through the provision of a guarantee to lenders.