MI New Home
MI New Home is an initiative developed by the Scottish Government, insurance specialists Jardine Lloyd Thompson and new home building industry voice, "Homes for Scotland". Designed to facilitate the return of 95% loan to value mortgages back into the Scottish lending mainstream, further wider economic benefits projected by Homes for Scotland are that this could create or safeguard 22,800 new construction jobs and over 650 apprenticeships.
Details of the Scheme are:
- Customers require a 5% cash deposit and must meet the lender's mortgage eligibility criteria for a repayment mortgage.
- The Scheme is available on all new properties in Scotland up to £250,000, subject to lender's criteria.
- The Scheme applies to residential mortgages only and is not available on buy to let properties or second homes.
- Mi New Home cannot be used in conjunction with any other new home or scheme.
- This scheme may be withdrawn or modified by the developer or the Government at any time prior to exchange of contracts.
MI New Home acts as the basis for the parallel "NewBuy" scheme in England, which was announced by Westminster at the end of 2011.