Miller Homes offers lifeline for homebuyers

Homebuyers buyers across England are being given a further boost with Miller Homes releasing 642 properties under the Government's £400 million Homebuy Direct scheme.

This initiative is designed to help first time buyers and those in need of affordable housing to move into their own new build property by enabling them to take an equity loan of up to 30 per cent of the purchase price, which will be co-funded by Miller Homes and the Government.

The scheme will be available on a total of 642 homes across 39 Miller Homes sites in England. Essentially, it will make more new homes affordable to first time buyers, key workers and current households earning less than £60,000 who cannot afford to buy a property on the open market.

Buyers qualifying for the scheme will have the opportunity to select one of the Homebuy Direct properties available from Miller Homes and will have the opportunity to purchase 100 percent of their home by paying 70 percent of the value, with both Miller Homes and the Government equally funding the remaining 30 percent. The 30 percent equity loan will only become repayable after 25 years or when the customer sells their home, whichever comes first.

One of the big bonuses of the scheme is that the equity loan is only repayable after 25 years, and there is no interest payable for the first five years.

Homebuy Direct is a welcome and much needed initiative according to Sue Warwick, National Sales and Marketing Director at Miller Homes: "The Homebuy Direct scheme is a great shot in the arm for prospective homebuyers. This includes first time buyers, key workers and those looking to move to a bigger home, or who have previously owned a property but are unable to buy without assistance. It will enable more people who have found it almost impossible to get a foot on or climb the property ladder, either due to the tightening of mortgage lending or because they have struggled to raise the deposits they need to secure a brand new home.

"The scheme will provide a further boost to the housing market and will no doubt bolster confidence amongst buyers, signs of which are already starting to creep in."

For further information on Miller Homes developments and where the Homebuy Direct scheme is available, visit millerhomes.co.uk.

For general information on Homebuy Direct visit direct.gov.uk.