Enhanced incentives from Miller Homes

Potential homebuyers in the market for a new build property can now take advantage of an additional incentive from Miller Homes after the leading home builder announced it would be offering 95% 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 5% deposit to purchase their new home using government-backed incentive scheme MI New Home.

David Knight, Managing Director of Miller Homes, Scotland, said: “We are delighted to be able to offer Home Exchange, our part exchange scheme, with the 95% mortgage scheme MI New Home.

“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.

“We view this as a positive step towards boosting the market at all levels.”

MI New Home in Scotland enables those who meet the qualifying criteria to purchase a new build property with as little as a 5% deposit. Lenders participating in the scheme will offer up to a 95% mortgage on homes up to the value of £250,000.

With Miller Homes’ Home Exchange scheme, the house builder will purchase 100% 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.

Miller Homes has 80 developments across the UK catering for a wide variety of buyers, from those looking to purchase their first home to growing families and downsizers. 95% mortgages and Home Exchange are available on selected plots and developments up to the value of £250,000 for MI New Home, subject to meeting the qualifying criteria.

To find out more, contact one of our developments, details of which can be found at millerhomes.co.uk.