Despondent first time buyers look for help

First time buyers saving for a deposit are increasingly becoming despondent at the amount they now have to set aside, according to national housebuilder Miller Homes.

A ‘saving grace’ offered by the housebuilder, at its Sutton-in-Ashfield development, is the shared equity initiative, Homebuy Direct, which has seen a significant rise in the number of first time buyers registering their interest.

According to Miller Homes, whilst thousands of buyers have used shared equity to get a foot on the property ladder, there are still thousands more buyers who claim they have not heard of the scheme, despite being desperate to buy a place of their own.

Jan Hanaby, area sales manager for Miller Homes Yorkshire said: “The difficulty for first time buyers is to raise enough funds to put down as a deposit as the lending criteria has become so stringent. We have been building homes for 75 years and are keen to help our buyers climb on to the first rung of the property ladder.”

One initiative offered by the housebuilder at Ashtree Park in Ashfield is Homebuy Direct, designed for individuals, partners and families with a combined income of under £60,000 and struggling to raise the funds required to meet today’s strict lending criteria.

Under Homebuy Direct, house hunters purchase 100% of their home, paying 70% of the value – with a developer, such as Miller Homes, and the Government equally funding the remaining 30%. This 30% equity loan only becomes repayable after 25 years or when the customer sells their home – whichever comes first.

Under this initiative housebuyers in the Ashfield area can take advantage of the spacious three/four bedroom Wesley. The property is priced at just £135,000, but under Homebuy Direct, the purchaser will only be required to find the funds for 70%, just £94,500.

The superb Wesley, boasts an entrance hall leading into a lounge that adjoins the kitchen and separate dining area, in which there are French doors leading out to the rear garden. The dining area is seamlessly adjoined with the kitchen adding a dash of style to open-plan convenience. The first floor boasts the family bathroom and bedrooms two and three with a useful study room which can easily be adapted to become a fourth bedroom, a home gym or children’s play room. The second floor solely encompasses the master bedroom which benefits from en-suite facilities.

Jan continued: “Shared equity and particularly Homebuy Direct has been a dream come true. It gives first time buyers the security they crave – a home of their own – and, with Government backing, Homebuy Direct provides a sense of confidence that no other scheme can truly match.”

Ashtree Park is situated on Kirkby Folly Road in Ashfield in Nottinghamshire, NG17. If you and your family would like to start afresh in a brand new affordable home, then why not pop along to the sales centre and showhomes, open late night on Thursday 12.30 – 7.30pm and 10.30am and 5.30pm Friday to Monday. Alternatively, visit millerhomes.co.uk for more information.