Miller does it MiWay at Lymevale View

Housebuilder of the Year, Miller Homes, is to give buyers struggling to climb the property ladder a welcome step up with the launch of a new scheme offering customers the chance to pay "75% now, 25% later" on many houses in its portfolio including the Lymevale View development in Newcastle-Under-Lyme.

Under the scheme- branded MiWay by the developers, buyers will still own 100% of their property. It is not a traditional shared-ownership scheme; instead it offers two major advantages to would-be homemovers worried about the credit squeeze.

Firstly, under MiWay, 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 on the new home, buyers will be eligible for 75% mortgage schemes which generally come with more competitive rates.

Secondly, 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 property has gone up, buyers must pay 25% of the increased value. Conversely, if the property has gone down in value, buyers will only have to pay 25% of the decreased value.

Chief Executive of Miller Homes, Tim Hough, said; "There are thousands and thousands of people in the UK at the moment that need, or want, to move. With this scheme, we are enabling them to access some of the best mortgage deals on offer at the moment and we are partly covering them in the event of falling house prices.

"We believe that the scheme will strike a chord with househunters and will really help those who want to move."

Other costs savings are offered with the scheme - Miller Homes will pay the stamp duty and legal fees (if the buyer uses a solicitor from Miller Homes' preferred suppliers list).

Tim Hough added; "It is often said at the moment that it is a buyers' market out there and, looking at this scheme, I would agree. Certainly, there has never been a better time to buy from us. We are offering the same, top quality homes and award winning customer service levels - with incredible deals on top."

Lymevale View is set just outside Newcastle-under-Lyme. It has excellent transport links and is situated on the A34 Newcastle Road along the area's principal bus route. Nuffield Hospital is within walking distance. One and two bedroom apartments at Lymevale are available with the MiWay scheme, currently priced between £94,950 and £124,950.

For further information on the properties at Lymevale View, visit Millerhomes.co.uk.