LONDON, ENGLAND, September 05, 2012 (Press-News.org) The introduction of 95% mortgages has been considered in Scotland and the MI New Home indemnity guarantee scheme will be offered jointly by the Government in Scotland and the Homes for Scotland organisation. The new homes scheme is expected to be launched this month and it is hoped that the new initiative will stimulate the economy with further building of new homes as well as the demand for new homes for sale across Scotland. The scheme is only available on new build homes.
The scheme will enable mortgage lenders, including banks and building societies, to offer buyers of new homes in Scotland a mortgage that is up to 95% of the total value of the property. First-time buyers who are unable to save up for a large deposit can pay a 5% deposit on the property they want to buy. Properties with a value of GBP250,000 will be eligible for the scheme. It is hoped that the scheme will make it more affordable to buy a home for approximately 6,000 house buyers over three years.
A number of buying schemes have already been offered by house builders in Scotland to help first-time buyers including a scheme where 85% mortgages are available and the 15% balance is payable through a loan that is not secured on the property. Other schemes include shared ownership schemes and part-rent, part-buy schemes that are offered by the public housing sector in Scotland.
Homes for Scotland is a membership organisation that represents the private house builder sector in Scotland. Their members include house building companies and associated companies who provide 95% of the new homes built in the private sector in Scotland.
Notes to Editors:
What House? is a leading property website that features thousands of new homes in Bristol and new homes in Birmingham as well as Scotland and across the UK. It also provides the latest property news, valuation of homes and property and mortgage advice. Over the last 31 years, What House? has held their annual What House? Awards, which are the longest established New Homes awards in the UK recognising UK house builders and developers across 21 categories.
What House? is a property portal featuring thousands of new homes in the UK.
Website: http://www.whathouse.co.uk
New Mortgage Scheme to be Launched in Scotland
A new mortgage scheme to enable first-time buyers to get onto the property ladder will be launched in Scotland in September.
2012-09-05
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[Press-News.org] New Mortgage Scheme to be Launched in ScotlandA new mortgage scheme to enable first-time buyers to get onto the property ladder will be launched in Scotland in September.