Miller Homes backs NewBuy lifeline

Miller Homes East Midlands is backing comments that the Government-backed NewBuy scheme is proving a ‘lifeline’ for many potential buyers.

Designed to help overcome the large deposit gap, NewBuy allows a home to be purchased with only a small deposit of 5-10%. Participating lenders then provide a 90-95% loan to value mortgage for those who meet the qualifying criteria.

Speaking about the initiative, Stewart Baseley, executive chairman at the Home Builders Federation, said; “We know people want to buy, but many have been thwarted by the current large deposit requirements. NewBuy is proving a lifeline for people as it allows them to buy their dream home with a 5% deposit. Many NewBuy buyers had been staying with parents saving a deposit or stuck in a house no longer big enough for their family. NewBuy is proving a real winner for them after such a frustrating time.”

Paul Walters, regional sales manager for Miller Homes in the East Midlands, agrees with Stewart’s comments: “This really is an apt way to describe the scheme and many of the people that have come to us have found themselves in the exact situation that Stewart describes.

“NewBuy came along at just the right time for many people. Finding the deposit can often be the stumbling block for a lot of potential buyers, so an initiative that helps to overcome that, and provide flexibility and value for money is extremely welcome and we’re delighted that NewBuy is available on properties at our developments in Nottinghamshire.”

Amongst Miller Homes’ developments in Nottinghamshire are Dukesmead and The Vales, both situated in Bingham.

The three-bedroom Hardy style home is just one of the properties available via NewBuy at The Vales. With prices starting from £182,950, the spacious home has a light and airy feel, and benefits from a large family / dining area, a lounge with Juliette balcony and a master bedroom complete with en-suite and separate dressing area.

“I believe NewBuy will continue to go from strength-to-strength and that it will help to facilitate even more movement in the property market over the coming months,” concluded Paul.

For more information on NewBuy and Miller Homes’ developments across the East Midlands, visit millerhomes.co.uk.