A helping hand to a new Millgate home

Think that a new Millgate home is out of your reach? Think again. A newly launched government initiative could mean that with a mortgage of as little as 50% of the purchase price, you could be the proud owner of an apartment built to Millgate’s award-winning standards at either Upcross Gardens in Reading or at Templeside in High Wycombe.

Designed to help first time buyers, key workers or those presently living in rented social housing and with a household income of less than £60,000 to purchase a home of their choice on the open market, the ‘HomeBuy’ scheme could be the key to the home of your dreams.

With a loan of between 15 and 50% of the value of your new home available to ‘top up’ a mortgage of your choice from a range of lenders, this scheme could seriously boost your purchasing power. And the great news is that the loan is interest free for the first five years, with a low interest rate from thereon.

In addition to your mortgage payments, small payments on the ‘HomeBuy’ loan are made on a monthly basis, with the balance of the loan due for repayment when you either sell the property or have paid off your mortgage. At this point, the property will be re-valued and your final repayment will be based on the percentage you owe of the property’s latest value – so whether prices rise or fall, you get a fair deal.

But if you want to take advantage of this outstanding opportunity, you’d be advised to hurry. It is presently available on just two apartments, both of which feature the outstanding specification that sets Millgate homes apart from the competition. Head of Sales and Marketing David Wrigley says:

“HomeBuy offers those looking to get a foot on the property ladder a real boost, and it’s refreshing to see a scheme that isn’t limited to key workers. It’s also good that the scheme is straight forward - there aren’t any hidden extra costs - the loan is provided by the government and the repayments are affordable. The fact that you don’t have to pay the balance of the loan back until you either sell the property or reach the end of your mortgage term is also a bonus.

“Many people aspire to own a Millgate home but our dedication to finishing our properties to the highest specification means that they can be out of reach for a lot of first time buyers. This scheme could offer the chance that many have been waiting for - so we’re anticipating plenty of interest.”

At Upcross Gardens, less than a mile from Reading’s cosmopolitan city centre, the HomeBuy scheme could help you buy a beautiful 2 bedroom apartment. Priced at £234,950, if you are able to secure a mortgage for £117,475 this apartment with its allocated car port could be yours - the remainder of the purchase price being topped up by a HomeBuy loan. When you consider Reading’s fast rail links to London, it’s easy to see why Upcross Gardens is proving popular with first-time-buyers, young professionals and downsizers alike.

Meanwhile at Templeside in High Wycombe, the last remaining 2 bedroom apartment is being offered under the HomeBuy scheme. On the market at £199,950 a mortgage of just £99,975 - topped up by a HomeBuy loan - could see you call this enviably placed development home. And with High Wycombe’s excellent links to London and the town’s ongoing regeneration, a new home at Templeside is as much a sound investment for the future as it is a great place to live now.

For more information, visit Millgatehomes.co.uk.