National developer Taylor Wimpey has introduced the Scottish government-supported MI New Home 95% mortgage scheme across all its developments of new homes in Scotland. Operating in over 35 locations across the country, Taylor Wimpey currently offers one of the best selections of new homes under the recently launched MI New Home scheme.
The initiative, which has been developed by Homes for Scotland, is available on new properties from participating housebuilders, up to the value of £250,000. The scheme means that credit-worthy buyers will now only need to save a 5% deposit before they can get on the property ladder. Home movers with limited equity in their existing home will also benefit from the increase in availability of 95% loan-to-value mortgages.
Andy Wyles, Taylor Wimpey's divisional managing director for Scotland, says: "So often our customers tell us that it is mortgage availability, not mortgage affordability, that is the biggest obstacle to buying a home. According to the Council of Mortgage Lenders, mortgage advances for all home purchases in Scotland fell by 60% from 2006 to 2011. We welcome the MI New Home scheme as we believe it will go a long way to helping a wide range of buyers get on, or move up, the property ladder."
As an example of what is available from Taylor Wimpey under the new scheme, a two-bedroom apartment at Fordell Lea in Dunfermline costing £101,495 would only need a deposit of £5,075. Alternatively, buyers at Dunsmuir Park in Kilmarnock, which provides impressive selection of two-, three- and four-bedroom family homes, could snap up a two-bedroom home for £115,000 with a deposit of just £5,750 using MI New Home.