Miller will match your parent's contributions

With parents today experiencing the ‘boomerang generation’ of kids, the UK’s largest privately owned housebuilder has developed a concept to help Yorkshire’s parents assist their children in getting their first foot on the property ladder.

Miller Homes has created Miller Match, a package where if, parents give their child 5% of the purchase price, Miller Homes will match it, and give a further 5%!

The boomerang generation, as the young adults of day are becoming known, generally refers to those young adults who choose to move back home with their parents after a brief period of living on their own or to those who have never moved out in the first place. This situation is made increasing difficult by the current problems in getting that first step on the property ladder.

Carolyn Rushbrook, sales director for Miller Homes Yorkshire said: “Parents have seen their children take their first steps, heard their first words and now are increasingly helping them purchase their first house. We have noticed this as a significant trend throughout the Yorkshire region. Therefore we created this concept to, not only help the first time buyer, but to also assist their parents who are increasingly finding that their financial input is needed.”

Miller understands that people have different needs and requirements, so has worked closely with its mortgage brokers to offer tailor made packages to suit individual needs.

JDB Associates Ltd is a leading mortgage broker that works closely with Miller Homes to provide solutions to any buyer’s mortgage enquiries. The company specialises in new build residential and buy to let mortgages and its directors have over 60 years experience in the financial services industry.

Clare Bingham director of JDB Associates Ltd said: “We have noticed a significant rise in the amount of first time mortgages that include parents. Although we are still finding that most first time buyers are not always aware of the many options open to them. Our team of mortgage advisers are always on hand to explain the most suitable way to finance their first home, for example: parents acting as guarantors, parents partly financing the purchase, joint applications or parents offsetting their savings.”

As guarantor the main role for parent(s) is that in the event of the purchaser being unable to meet the monthly payments to a mortgage the guarantor would be responsible for meeting these in full. The second option is where the parents partly finance a purchase by contributing a lump sum of money to use as a deposit. The third option is the parent(s) jointly purchasing the property with their child but not necessarily living there. The same can apply with purchasing in joint or multiple names with a friend or friends. The final option is to offset savings whereby parents jointly purchase a property with their children and place their savings into a special account to offset it against their mortgage, reducing the interest payable.

Carolyn continued: “Miller Match is an ideal solution to a very modern problem. We are continually developing new ways in which we can assist our purchases as much as we can and I believe Miller Match address this increasingly prevalent problem.”

Miller has exclusive developments throughout the Yorkshire region which include properties ranging from one bedroom apartments to five bedroom detached houses. If you are interested in hearing more about Miller Match visit millerhomes.co.uk, choose your preferred development and give the sales consultants a call or visit. Alternatively call 0870 336 4600 to find your nearest development.

Miller Homes is an introducer to JDB Associates Ltd for the purposes of Mortgage Advice.

Your home may be repossessed if you do not keep up with repayments on your mortgage.