Escape the parent trap with Miller Homes

Miller Homes is urging the so-called “Boomerang Generation” to use shared equity schemes to escape, “the parent trap” after figures releases from housing charity Shelter showed an extra 111,000 16-29 year olds had either moved back home or never left their parent’s home in the year to December 2008.

The developer has warned that the clock is now ticking on shared equity deals, predicting that the schemes currently on offer won’t be around indefinitely.

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 fly the family nest and buy a place of their own.

Sue Warwick, National Sales and Marketing Director for Miller Homes, said; “It is so sad to hear of young people being, ‘at the sharp end of the recession’ and losing their independence. In a great many instances – this needn’t be the case.

“Admittedly, a certain percentage of young people have to live at home because of worries over job security however, there are thousands who have jobs but can’t leave home because banks want such large deposits.

“Miller Homes’ MiWay was designed with this exact group in mind. It enables purchasers to buy a new home without having to pay the full purchase price up front, but still own 100 percent of the property from day one.”

The scheme allows buyers to pay 75% now and 25% later with help in the form of long term equity loan from Miller Homes, with no interest or rent to pay
Sue added; “For many buyers, MiWay has been a dream come true. It gives young people the security they crave – a home of their own – and, a real sense of confidence.

“In our experience, when people look into the scheme, they rarely walk away. In fact, the vast majority of our sales right now are through shared equity schemes.

“Our worst fear is that the British public won’t take up this great opportunity and the “Boomerang Generation” will miss a chance to bounce back from this recession.

“First time buyers, and those in need of a helping hand, need to take action and seize the opportunity while it’s still there.”

For further information, visit millerhomes.co.uk.

Case Study

Nikki Smith on the Cambridge development is just one example of a first time buyer who used shared equity to break out of the parent trap. Nikki Smith, a teacher at a local secondary school, recently took the first step onto the property ladder at Miller Homes’ Cambridge development. After struggling to find a home that was within her budget, Nikki, 34, was delighted after discovering MiWay, a shared equity scheme offered by Miller Homes.

“After looking at various schemes that were available to keyworkers, MiWay seemed the best value for money by far. It allowed me to move out of rented accommodation and purchase my own apartment which I wouldn’t have been able to do previously as I didn’t have a large enough deposit,” explains Nikki.

Nikki is now settled into her new apartment at Cambridge and is very happy with her new home and the ease of the MiWay process, “I am delighted with my home and can’t express how easy the whole MiWay was! Everything ran so smoothly and the customer service was excellent, Miller Homes were there every step of the way and if it wasn’t for the MiWay scheme, I would still be renting whereas this home is now an investment for my future.”