The Scottish government has launched MI New Home, a mortgage indemnity scheme offering mortgages of up to 95% on homes of up to £250,000 in value.<br> <br> The new Scottish initiative, similar to NewBuy, has been developed by Homes for Scotland supported by the Scottish government with a guarantee.<br> <br> Nationwide and the Royal Bank of Scotland backed the scheme at its launch with Halifax/Bank of Scotland expected to join the scheme shortly. Twelve housebuilders are currently participating.