MI New Home initiative helps young couple find dream
28 September 2012
A Lanarkshire couple are looking forward to being one of the first in Scotland to benefit from the new Government-backed mortgage indemnity scheme, which was launched on Wednesday (12th September).
The MI New Home initiative is aimed at boosting the housing market for both first time buyers and those looking to move up the property ladder with purchasers requiring just a five per cent deposit.
First time buyers, Lindsay Maxwell (34) and Stephen Thomson (30), who are both in full time employment, were living with their respective parents in order to save for the typical 20 per cent deposit, but the launch of the Homes for Scotland initiative supported by the Government is allowing them to purchase their home much sooner.
Lindsay, said: “ We had decided to start looking as we were excited by the prospective of owning our own property but knew we would be saving for at least a year.
“Then we found our ideal home at a Persimmon Home development in Holytown, which is conveniently located for our families and jobs.
“Initially we thought our only option was to purchase through a Shared Equity package. Then the sales team put us in touch with a financial advisor who explained the benefits of MI New Home and the prospect of securing up to a 95 per cent mortgage with just a five per cent deposit made the dream of purchasing a home that is 100 per cent our own a reality.
“Everyone has been so helpful and nothing is too much trouble. Moving into a new build means we can also choose our own fixtures and finishes and not have to worry about DIY jobs.
“MI New Home has transformed our chances of getting on to the property ladder and we are delighted that owning our home is within our reach.”
The Government’s scheme, which is also backed by housebuilders such as Persimmon Homes, is aimed at increasing the availability of low-deposit mortgages. With no salary cap, purchasers can secure up to a 95 per cent mortgage product on new homes up to the value of £250,000.
Persimmon Homes West Scotland, sales director, Ingrid Gahagan, said: “The MI New Home initiative provides an attractive mortgage option for our buyers. We are delighted to have helped Lindsay and Stephen to purchase their first home and look forward to introducing future customers to the initiative.”