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Scheme aims to kickstart the market
5:40pm Tuesday 29th January 2013
Potential homebuyers in the market for a new-build property can now take advantage of an additional incentive from Miller Homes after the home builder announced it would be offering 95 per cent mortgages with its Home Exchange scheme.
This means that those interested in a Miller home but who need to sell their existing property first would have a guaranteed buyer through Miller Homes and only need a five per cent deposit to purchase their new home using Government-backed incentive NewBuy scheme.
Chris Endsor, chief executive of Miller Homes, said: “With many second purchasers facing negative equity and unable to move because they will only have a small deposit or cannot sell their home, this enhanced incentive will provide a realistic chance of them being able to move further up the property ladder. This as a positive step towards boosting the market at all levels.”
NewBuy enables those who meet the qualifying criteria to purchase a new-build property with as little as a five per cent deposit. Lenders participating in the scheme will offer up to a 95 per cent mortgage on homes up to the value of £500,000.
With Miller Homes’ Home Exchange scheme, the house builder will purchase 100 per cent of the value of the buyer’s property based upon an independent RICS valuation, providing a guaranteed buyer and removing the hassle of selling and uncertainties which come with it.
“NewBuy is now a real option for those who thought they couldn’t get on to the property ladder.
“Over the coming years, NewBuy will make a real difference and help tens of thousands of people realise their ambition of home ownership.
“In turn, this will then help kickstart new home construction, creating economic growth and thousands of jobs across the country.”
Miller Homes currently has 12 developments throughout the region with properties ranging from two bedroom apartments priced from just £75,500 to four bedroom executive houses, which cater for a wide variety of buyers, from those looking to purchase their first home to growing families and downsizers.
For more information contact your nearest development, open Thursday to Monday 10.30am to 5.30pm, or visit millerhomes.co.uk