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MI New Home scheme in Scotland
JPD86
Posts: 35 Forumite
Has this ended? I've seen some references online of a March 2015 date but also September 2015 for the scheme ending. I've just tried to find some info on nationwide's website and the section has been deleted wondering if anyone knows for certain?
The scheme offered 95% mortgages on new build that allowed for part exchange, basically a Scottish version of New buy.
The scheme offered 95% mortgages on new build that allowed for part exchange, basically a Scottish version of New buy.
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Nationwide stopped offering it (and NewBuy) from Wednesday, just gone.
Ask the builder with which lenders it has NewBuy/MNH agreements as you didn't have the run of lenders like you do with HTB - EL.
Builder and lender had to have an agreement between the two of them and some builders had several lenders, some only one.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »Nationwide stopped offering it (and NewBuy) from Wednesday, just gone.
Ask the builder with which lenders it has NewBuy/MNH agreements as you didn't have the run of lenders like you do with HTB - EL.
Builder and lender had to have an agreement between the two of them and some builders had several lenders, some only one.
I'm not personally at that stage yet but it was something I was keeping an eye on.
I assume that others will follow Nationwide so I'll probably need to reconsider my potential options.0 -
Some have replaced NewBuy with HTB - MG offerings on newbuild.
Ask yourself why a builder would pay away 3.5% of the purchase price of the property into an indemnity fund, as they did with NewBuy, when they can avoid this another way where the buyer gets the same type of mortgage rate...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »Some have replaced NewBuy with HTB - MG offerings on newbuild.
Ask yourself why a builder would pay away 3.5% of the purchase price of the property into an indemnity fund, as they did with NewBuy, when they can avoid this another way where the buyer gets the same type of mortgage rate...
Good point - I couldn't see the advantage to the builders of Newbuy/Mi New home over HTB, other than them being allowed to accept part exchang alongside it.
It was the combination that attracted me to look into the MiNewHome so as I said I'll have to have a reassessment of my options.0 -
Just reading a guidance note, Santander is out of NewBuy this weekend as well; as the Department for Communities & Local Government is withdrawing the scheme at the end of its three year life.
No mention of MNH in Scotland.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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