Buying could be cheaper than renting with Miller Homes

People looking for a new home in Liverpool may be surprised to learn that buying new can be a cheaper option than renting. Home buyers can currently purchase a new Miller Homes’ 3 bedroom ‘Newton’ at its ‘Bridgewater Park’ development in Netherley, for the weekly equivalent of just £128.

The ‘Newton’ family home is normally priced at £129,950 and is now offered with Miller Homes’ ‘MiWay’, pay 75% now and 25% later, option. This means buyers can own 100% of a brand new home and pay just 75% of the price, £97,462 now. Typically a mortgage of this value equates to paying just £128 per week.

‘MiWay’ is Miller Homes innovative way to help home buyers buy a new home without having to pay the full purchase price up front. Because Miller Homes is in effect putting down a 25% interest free deposit, buyers will be eligible for a 75% mortgage, which are more readily available and come with lower repayments than say a 95% or 100% mortgages from the pre credit crunch days.

With ‘MiWay’, Miller Homes is offering to share some of the risk of any potential fall in property values. Buyers can repay the 25% when they sell or at any time within the next ten years. The amount repayable will depend on the property valuation at that time. If the property has gone down in value, buyers will only have to pay 25% of the decreased value. Conversely, if the property has gone up, buyers pay 25% of the increased value.

When people look at the cost of renting a home, they often forget that they also need to put down a bond or guarantee to cover any possible unpaid rent or damage to the property, as well as setting aside money to cover legal fees. With MiWay, there is no need for a bond or guarantee and Miller Homes will cover legal fees, up to £1,000.

The big advantage with the MiWay option is that buyers move onto the property ladder and own 100% of their new home. With new homes being economical to run, there is a possible further bonus over older rented property. For example, all new Miller Homes are fully double glazed and have a high level of insulation. They also feature economic heating and water systems, all adding to the energy efficiency and offering a potential saving on utility bills.

With its elegant pediment roof and welcoming canopied entrance, the ‘Newton’ family home really has the wow factor. The full width lounge features an integral staircase, making most use of the living space. The open plan kitchen dining area features contemporary furniture, stainless steel appliances and French doors that keep the space bright and fresh. A separate downstairs cloak with w.c. ensures no rush hour queues for the bathroom in this home.

‘Bridgewater Park’ location is part of the appeal. It offers direct routes to the M62, Liverpool city centre and shopping at the Albert Dock, Liverpool1. For travel further-a-field, Liverpool John Lennon airport is about 15 minutes drive away.

For more information, log on to Millerhomes.co.uk.