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Miller Homes offers Lincolnshire buyers a helping hand

27th August 2013 Print
Miller Homes

Miller Homes East Midlands has seen an increase in viewings in Lincolnshire since the government’s Help to Buy scheme was introduced on April 1st.

The scheme offers assistance to house hunters who only have a small deposit of 5%. A 20% equity loan is provided from the Government for those who meet the qualifying criteria, which means buyers only need to secure up to a 75% mortgage from a bank or building society.

Paul Walters, associate director at Miller Homes East Midlands said: “Help to Buy is already proving popular. We work with independent financial advisers to guide buyers through the range of schemes on offer and our sales team can offer details on the new properties available.

“It can be daunting taking your first steps onto the property ladder or taking on a bigger house and our aim is to make the whole process as simple and stress free as possible.”

Financial adviser Gary Scottorn is from Ensign. His team works with Miller Homes and here he outlines the main benefits of the scheme:

1. Many people think the scheme is only open to first time buyers but that’s not the case. Help to Buy is available to home movers too offering a boost to those who want to move up the property ladder.

2. There is no restriction on the type or size of the new build property that you can buy as long as the purchase price is no more than £600,000.

3. Lenders view the 20% equity loan as part of the deposit, so monthly mortgage repayments can often be lower than the cost of renting a similar property

4. The equity loan is completely interest free for the first five years – making the total initial monthly repayments less on Help to Buy than Shared Ownership, where a rent is payable from day one.

5. The client owns the whole of the property and can sell at any time after year one as long as they repay the equity loan at this point (please note, your home may be repossessed if you do not keep up repayments on your mortgage).

To highlight the benefits of Help to Buy even further, Miller Homes East Midlands will be holding an event weekend at the Deansleigh development, just off Nene Road in Lincoln, on Saturday 31 August and Sunday 1 September. Both the Miller sales team and an independent financial adviser will be on hand and, as an extra incentive, anyone reserving that weekend will receive free flooring throughout their new property.

For further details on Deansleigh and the Help to Buy Weekend, visit millerhomes.co.uk.

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Miller Homes