As well as significantly increasing the options available to those looking to move onto and up the housing ladder, this also means that the Scottish Government-supported scheme has more than doubled in size since its launch in September last year as A & J Stephen, Cruden Homes, Muir Homes, Bett Homes and Discovery Homes (Scotland) Ltd take the number of builders participating in the scheme to 25.
The scheme enables credit-worthy buyers, whether they are looking to make their first purchase or move to suit changing lifestyle requirements, buy a new build home up to £250,000 with only a 5-10% deposit. And with rates from participating lenders continuing to drop, buying a new home is now even more attractive.
MI New Home also now offers the option of part exchange, helping to remove the problem and stress of finding a buyer for existing home owners.
Philip Hogg, Chief Executive of home building industry body Homes for Scotland which developed MI New Home, said:
"Helping buyers achieve their home ownership aspirations, this latest announcement provides another welcome boost to a still fragile industry. Whether creating and safeguarding vital construction jobs or stimulating wider economic recovery, the benefits surrounding the scheme are significant."
