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Hennessy Bowie Solicitors News

Hennessy Bowie & Co has been practising in Bishopbriggs for some twenty five years, principally in the areas of domestic conveyancing, commercial conveyancing, commercial leasing, executries and matters relating to care for the elderly,

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95% mortgage scheme reaches landmark

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The MI New Home 95% mortgage scheme has apparently helped more than 500 Scottish households achieve their home ownership aspirations, as it averages £10 million in new home sales every month.

The details were announced by industry body Homes for Scotland, which launched the scheme in partnership with lenders and the Scottish Government last autumn, to help creditworthy buyers locked out of the market by high deposit requirements purchase a new build home up to £250,000 with only a 5-10% deposit.

Backed by Bank of Scotland, Nationwide and RBS, the scheme has gone from strength to strength since its introduction with the number of participating builders now standing at 25, more than double the launch figure.

Homes for Scotland Chief Executive Philip Hogg said:

“Home ownership is the long-term tenure of choice for 78% of Scots but with buyers previously having to find an average 25% deposit, such high requirements have been preventing many making their desired move. By increasing the range of options open to those who can sustainably afford monthly mortgage payments at what are very competitive rates but have limited deposit funding, MI New Home helps to ease this problem.”

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Contact us today for further information about buying or selling a house in Bishopbriggs or Lenzie. To make an online enquiry please click here or call us on 0141 775 0005

Hennessy Bowie & Co has been practising in Bishopbriggs for some twenty five years, principally in the areas of domestic conveyancing, commercial conveyancing, commercial leasing, executries and matters relating to care for the elderly.

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