Mortgage help plan tops 500

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A SCHEME to help buyers with low deposits purchase new homes has topped 500 since the programme was launched in September, according to trade body Homes for Scotland (HFS).

The number of houses sold through the Mi New Home scheme was welcomed as “encouraging”, particularly for the 25 builders that have sold homes through the programme. Lenders that offer mortgages to the scheme are Bank of Scotland, Nationwide and Royal Bank of Scotland.

Nicola Noble, head of mortgages at Bank of Scotland, said: “We hope to see an increase in this number as the scheme develops, providing a much needed boost to housing supply.”

The Mi New Home scheme, devised by HFS and guaranteed by the Scottish Government, allows borrowers to buy new-build homes up to £250,000.