Miller Homes introduces 100%, no deposit funding for new homes
Miller Homes, the 5-star housebuilder is introducing a no-deposit 100% funding package consisting of an 85% mortgage and a 15% top up loan to help first time buyers move into their dream home. The new 100% scheme will be available on the majority of Miller Homes sites across the East of Scotland.
Applicants for the 100% scheme must be over 21, in permanent employment and be able to demonstrate clear affordability. If successful in their application, potential home owners can expect a decision on their mortgage within 48 hours, enabling them to purchase their home within 8 weeks. Miller Homes is working with Lifetime Planning, a financial advice company who will provide the mortgage direct to customers.
Anne Marie Britton, Sales Director at Miller Homes said: “Although we are starting to see very early signs of recovery in the property market, the reality for the first time buyer is that securing a mortgage is still a significant hurdle, without a sizeable deposit.
“Partnering with Lifetime Planning, Miller Homes is bringing its no deposit 100% scheme to market to help get first time buyers onto the property ladder.
“We know that just like a home, one size doesn’t fit all. Potential customers range from people who are struggling to find a deposit for their first home, through to existing home-owners who want to upsize, down-size or just move within the housing market.
“We are offering a range of incentives which will assist people to move in the current climate.
“In the right circumstances our incentives offer potential buyers an opportunity to buy a high quality Miller Home at prices which represent excellent value for money and in beautiful locations in the place to be, where people want to stay.”
Housebuyers can opt for the 100% funding package, or the 100% Home Exchange, they cannot be used in conjunction on the same property. Both incentives will help stimulate movement in different parts of the new-build housing market over the coming months.
Scott Kennedy at Lifetime Planning Ltd added: “We are delighted to be working with Miller Homes and their clients. This scheme is an affordable way of purchasing a property for many who are struggling to raise the required deposit. As long as there is affordability, borrowing 100% is a real option for many.“
Applicants for the 100% funding package must have no history of bankruptcy or adverse credit within the last 6 years and have a permanent right to reside in the UK.
For more information, go to millerhomes.co.uk.