The MIBS MIG Scheme, facilitated by MI Business Solutions, gives house builders the opportunity to purchase an insurance policy which protects the higher proportion of the loan, at no cost to the mortgage lender. This scheme will enable Principality to offer up to 95% LTV mortgages to applicants who wish to purchase a new build property.
Principality, Wales' largest building society, is the first lender to launch this scheme in Wales. The move is part of their on-going commitment to stimulate the mortgage market, and ensuring that Welsh buyers have access to high quality, affordable housing. The scheme will work in partnership with local and national builders operating within the Society's core lending area.
Christopher Johnson, Head of Mortgages at Principality, said:
"This scheme allows us to offer mortgage products of up to 95% LTV on brand new homes, unlocking the Welsh property market to more people than ever. It will be open to First Time Buyers who are struggling to build a big deposit, offering another way to access properties, and these buyers are absolutely key to getting the housing market moving again. It will also enable builders to operate with confidence, knowing there is finance available for buyers interested in their homes, thus leading to more properties being built in Wales which is great news for the wider Welsh economy."
