Date: Tuesday 11 September 2012
MI New Home, the widely anticipated Scottish Government and home building industry supported scheme aimed at increasing the availability of 95% loan to value mortgages, is now being offered by Taylor Wimpey on new homes across Scotland.
With over 35 locations across the country, Taylor Wimpey offers one of the best selections of new homes to qualify under the MI New Home scheme in Scotland ensuring an incredible choice for new home buyers looking to make their move.
The initiative, which has been developed by home building industry body Homes for Scotland, is available on brand new properties up to the value of £250,000. The scheme is open to all looking to buy a new home and means that credit-worthy buyers may 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, comments: “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 in helping a wide range of buyers who have had to put their dreams of getting on, or moving up, the property ladder on hold. Increasing the number of 95% mortgages being offered by lenders should have a significant positive impact on the market.”
Taylor Wimpey is offering MI New Home on all its developments across Scotland, including Fordell Lea in Dunfermline where there is a range of two, three and four bedroom homes to choose from. With prices starting from £101,495 for a two bedroom apartment, buyers would only need a deposit of £5,075 under the scheme.
Alternatively buyers to Dunsmuir Park in Kilmarnock, which also offers an 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.
For further information on the MI New Home initiative, visit www.taylorwimpey.co.uk/minewhome