Miller Homes asks ‘why rent when you can buy?’

A common misconception of stepping onto the property ladder is that renting is much cheaper than buying, but award winning housebuilder Miller Homes is urging househunters to rethink before deciding to venture into rented accommodation.

“Many think that the main benefit of renting a property is a lower monthly cost but in reality, shared equity schemes now mean that mortgage figures can work out the same, if not lower, than paying monthly rent” said Linda Androlia, regional sales director for Miller Homes:

“Having the huge benefit of owning your own property and the freedom to personalise your space are reasons enough to buy rather than rent, especially now that mortgage payments are available at a comparable cost.”

Miller Homes’ Abbeyfields development in Burton is a prime example of where buying a property beats renting. The Tutbury, a three bedroom end terraced townhouse with parking at the development is currently on the market for £155,950, which based on a 70 percent shared equity mortgage of £109,165, can work out at payments of £550 per month.*

Compare this to similar properties available to rent in the Burton area for between £625 and £650** per month, and buying a home becomes a much more favourable option.

Linda continued: “All of the properties available at Abbeyfields come with a 10 year NHBC warranty and are covered by our award winning customer care package, meaning that purchasers can buy with complete confidence.”

The Abbeyfields development is situated just two miles from the A38, offering busy commuters fast access to Birmingham and Derby. With a wealth of local amenities including a health centre, cinema and a great selection of shops, the area makes for a convenient lifestyle setting.

“To help buyers even further, we’re also offering the latest government backed shared equity scheme, Homebuy Direct, on a selection of properties at Abbeyfields, making new homes even more affordable”, commented Linda.

Under the initiative, buyers have the chance to purchase 100 percent of their home by paying just 70 percent of the value, with both Miller Homes and the Government equally funding the remaining 30 percent.

The 30 percent equity loan only becomes repayable after 25 years or when the customer sells their home, whichever comes first. One of the big bonuses of the scheme is that there is no interest payable for the first five years, and as the initiative is government backed, buyers can feel secure in their investment.

Linda added: “We strongly encourage those that are thinking of moving into a rented property to reconsider and visit the development in Burton to see the homes on offer.”

Homes are available at Abbeyfields from £79,950 for the one bedroom Helena apartment, or with HomeBuy direct, from just £55,965. For more information, visit millerhomes.co.uk.

*figures provided by RBS, based on a variable interest rate until 2011. The mortgage is available up to a maximum of 75% of the purchase price or valuation, whichever is lower.

** according to rightmove.co.uk at time of publication.