MI New Home is a brand new initiative developed by the Scottish Ministers and new home building industry body Homes for Scotland aimed at assisting all buyers of new homes in Scotland.
The MI New Home mortgage indemnity guarantee scheme will allow purchasers of a new Persimmon home in Scotland the opportunity to obtain a 95% loan to value mortgage.
The typical deposit needed to buy a home is 20 per cent; so for a home worth £200,000 buyers using the Mi New Home scheme need a deposit of just £10,000 rather than £40,000.
Persimmon Homes aims to offer the MI New Home scheme to all buyers, not just those looking for their first home, on new build houses and flats across Scotland with a purchase price up to £250,000.
For existing homeowners who are looking to move up the property ladder into larger homes - our part exchange scheme is available through select lenders.**
Use our search facility and once you have found a new home that you are interested in contact or visit the development for further information.
A similar scheme - NewBuy - is available for home buyers in England.
Imagery for illustration purposes only. Available on all plots and developments in Scotland, with a full purchase price up to £250,000, subject to status, terms and conditions apply. Mortgage example based on a new Persimmon home with a purchase price of £99,995.00. Purchaser 5% deposit of £5,000.00 leaving a 30 year repayment mortgage required of £94,999.00. Fixed rate of 5.49% for 3 years - 36 monthly payments of £538.78 (weekly equivalent £124.33). Then Standard Variable Rate currently 3.99% - 324 monthly payments of £458.85. The overall cost for comparison is 4.5% APR. Early repayment charges apply of £90.00 plus 4% of the loan in years 1-3. A booking fee of £99.00, a product fee of £900.00 and a valuation fee of £145.00 are payable on application. A valuation administration fee of £65.00 and telegraphic transfer fee of £24.00 are payable at the start of the mortgage. Mortgage example advice provided by Cascade Mortgage Solutions, Kelvin House, 87 Calder Street, Coatbridge, ML5 4EY which is authorised and regulated by the Financial Services Authority. Registered in Scotland Company registration No. 288792. Telephone: 01236 436168. The interest rates shown were correct on 17/09/2012. This mortgage may require a clean credit record. The mortgage is subject to availability, status and not available to persons under 18.
A professional legal adviser is required to carry out the legal formalities of buying the home and to represent your interests. Persimmon can provide you with a list of recommended solicitors and/or financial advisers as necessary. Persimmon cannot advise you on a mortgage. Part exchange is only available on certain plots and through select lenders. Not to be used in conjunction with any other purchase assistance scheme, offer or promotion. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY DEBT SECURED ON IT. Full details available on request.
Persimmon Homes welcomes the launch of MI New Home as a major boost to Scotland's mortgage market.
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Images shown are for illustrative purposes only. Elevations and treatments may vary.
The prices shown are correct at the time of being published but are subject to change without prior notice, please contact our Marketing Suite for accurate price information.
Site Plans are for orientation purposes only and all surfaces, landscaping and layouts should be checked with the sales adviser at the time of reservation. Parking arrangements and boundaries should also be checked prior to reservation.
The dimensions shown are approximate and the precise measurements may vary.
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