Jamie bought a 3-bed detached for the price of a 3-bed semi
As a newly-single 27 year-old mortgage adviser with the Royal Bank of Scotland, Jamie Albinson was looking for a new-build detached home with three bedrooms to accommodate his two young children when they come to stay.
Jamie was only interested in new build because, as a mortgage adviser he knew the build quality would be good, there is a NHBC warranty plus the incentive schemes that the bigger house builders offer would make buying more affordable. Having looked at seven or more developments, Jamie was impressed by the houses and apartments he discovered at Miller Homes' Unity Quarter in Salford.
That was when he heard about the company's new Miller Homes@Zest development in Manchester's Newton Heath: "As soon as I arrived at Zest," Jamie enthused, "I liked the way the houses were set back behind wide pavements and gardens. Even better, the house-type I'd chosen, the Twist, is a three-bedroom detached home that is the price of a semi-detached anywhere else."
"I was also impressed by Miller Homes' MiWay equity loan scheme. It meant I only had to find a smaller 5% deposit."
MiWay offers a helping hand for home buyers. Successful applicants need only fund from 85% of the house price now – with the remaining 15% covered by an equity loan provided by Miller Homes.
How MiWay helps
To purchase a Flamenco 4-bed family home at Miller Homes@Zest for £149,950…
On the MiWay scheme, buyers fund from only £127,075 now. This is equivalent to 85% of the full price. Buyers could only need a 5% deposit (£6,373),
Miller Homers will make up to 15% of the difference (£22,875) with an equity loan, repayable over a ten-year term. There is no interest on the equity loan for the first five years. Annual interest of 4% is payable on the outstanding loan for the next five years, payable monthly. After 10 years – or when you sell or transfer ownership of your home – you simply pay back 15% (or the percentage you qualified for) of your home's market value in one payment. If the value of your home stays the same or falls, you will pay back the same or less than you borrowed, but if the value increases you will have to pay back more. [Full terms and conditions are available on the web site; millerhomes.co.uk.
Miller@Zest offers a great location, close to the new Newton Heath Metrolink station, which starts a service into the city centre this year. In 2014 this extends to Oldham and Rochdale, making Zest an ideal location for car free commuting, dining out and clubing.
For more information on the new releases of homes and apartments, prices and incentives, visit the marketing suite and show home at Miller@Zest, off Dean Lane, Newton Heath, M40 3AA. Open Thursday to Monday from 10.30am to 5.30pm.