Pay 75% now, 25 % later with Miller’s MiWay scheme

Andrew Barrow and his partner Emma Harral-Ball, took advantage of Miller Homes' new MiWay option to buy their new home at Saxon Park in Warrington. MiWay offers customers the chance to pay ‘75% now, 25% later', yet still own 100% of their property.

Emma says: "We were renting previously and the MiWay option has enabled us to not only get on the property ladder but to purchase a larger home than we would otherwise have been able to. Without the MiWay, we would only have been able to purchase a small 2 bedroom home and then look to move in a couple of years. Now we have a spacious 3 bedroom property, that we are intending to stay in for longer, at a price we can afford."

Andrew and Emma weren't intending to buy for another six months when they visited Miller Homes' Saxon Park development. Emma says: When we heard about the MiWay scheme and saw the layout of the development, we decided to take advantage of what was on offer and sign up to buy. Along the way, the Miller Homes team at Saxon Park has been very helpful."

Andrew and Emma purchased a 3 bedroom Wolsey, an elegantly proportioned three-storey home. Emma says: "We have been in our new home around three weeks and we just love it, it's brilliant. It was the master bedroom with en-suite, which takes up the whole of the top floor that really appealed. We thought it was fantastic. Now we have moved in, we are really benefiting from having all the space. We are finding the kitchen not only spacious but also very practical."

As well as loving their new home, its location is also ideal for them both. Emma comments: "Andrew works at the Gemini Retail Park in Warrington so Saxon Park is very handy for him. I travel to Manchester each day and it is easy to get on the motorway from here."

Like Andrew and Emma, people can find it easier to get the home they want with the MiWay option. Through the scheme, buyers are more likely to find themselves in a much stronger position when applying for finance. With Miller Homes effectively putting down a 25% deposit for the new home, buyers will be eligible for 75% mortgage schemes, which generally come with more competitive rates.

Another MiWay benefit is that Miller Homes is offering to share some of the risk of any potential fall in house prices. When the loan term is up after ten years, or earlier if the buyer chooses to sell before the end of the term, the amount repayable will depend on the open market valuation of the property at that time. If the price of the property has gone up, buyers will pay 25% of the increased value but if it has gone down they will only have to pay 25% of the decreased value.

Miller Homes Saxon Park development offers a choice of 3 and 5 bed homes priced, with MiWay from £112,462 [normally £149,950]. With its riverside location and green open spaces, Saxon Park offers a tranquil place to live. As well as its relaxing location, Saxon Park is conveniently situated for Warrington town centre and commuting to the nearby cities of Manchester and Liverpool.

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