Sarah Beattie-Smith finds herself in the frustrating situation of many would-be home buyers who are locked out of the housing market due to large deposit requirements ("Industry experts sceptical of latest funding scheme", The Herald, August 2) .
In response to these difficulties, the Scottish home building industry has developed an innovative new scheme specifically designed to bridge this gap and help first-time buyers and those looking to move up the housing ladder achieve their aspirations of owning a new home.
Supported by the Scottish Government, MI New Home enables participating builders to offer up to 95% mortgages. Based on a Registers of Scotland average house price of £156,000, this could mean a deposit of £7800 (5%) as opposed to £39,000 (25%). It is envisaged that MI New Home will potentially assist 6000 households who can sustainably afford such a mortgage product and could give the economy a much needed £1 billion boost. In addition to this, Homes for Scotland projects that the initiative could create or safeguard 23,000 construction jobs and over 650 apprenticeships. The wider social and economic benefits are therefore significant.
As we work towards launch, I would encourage Ms Beattie-Smith to look out for further details or visit www.minewhome.co.uk for participating builders.
Chief Executive, Homes for Scotland,
5 New Mart Place, Edinburgh.
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