Escape the parent trap with shared equity

The biggest struggle facing first time buyers today is gathering the sizable deposit now needed to secure a mortgage, and as a result many find themselves living at home for much longer than they would like.

Recent figures show that on average, people now live in their childhood home until the age of 34*, often trapped by the need for a high deposit combined with a lack of available finance and the low availability of affordable housing.

Sarah Meredith, a 29 year old sales representative from Solihull in the West Midlands, is a prime example:

“I’ve been saving hard to pull together a deposit to be able to move out of my parent’s home for what seems like a lifetime.”

“It has only been recently that I have been able to even begin seriously looking at properties but having to deal with the current economic climate made the situation harder.”

Like a growing number of housebuyers across the UK, Sarah was able to finally escape the parent trap by purchasing an apartment at Miller Homes’ B91 development in Solihull through the latest government shared equity scheme, HomeBuy Direct.

“I fell in love with the development straight away, and was over the moon when I found out about the HomeBuy Direct scheme. The need to pull together a large deposit disappeared and I was able to move into my own home much sooner than I thought possible,” Sarah explained.

The initiative is helping many first-time buyers like Sarah by offering the opportunity to purchase100 percent of a brand new home by paying from just 70 percent of its value. The remaining 30 percent equity loan is co-funded by the Government and Miller Homes, removing the challenge of pulling together a hefty lump sum for a deposit. The loan then only becomes repayable after 25 years, with no interest for the first 5 years.

“The fact that Homebuy Direct is government backed really gave me confidence about venturing onto the property ladder. It was great that there’s no interest to pay straight away as it’s meant I’ve had the extra money to furnish my new home!” added Sarah.

Sarah’s apartment is in the Alcott style layout, a spacious one bedroom home which fitted in perfectly with her ‘on the road’ lifestyle:

“B91 was perfectly located for me. I have grown up and lived in Solihull my entire life so wanted to stay close to my family and friends but as I need to travel with my job, it was also important that I had a good base to commute from.”

“Most of all, it’s just nice to have my own space. As much as I love my parents, it sometimes felt like we were getting under each other’s feet so it’s refreshing to finally have the independence of my own place.”

Linda Androlia, regional sales director for Miller Homes West Midlands, said: “Homebuy Direct is assisting people like Sarah to get on the property ladder and shows that new homes can be affordable and are still one of the best investments you can make.

“The 30 percent equity loan provided by Miller Homes and the Government really makes the difference when it comes to getting on the property ladder. The scheme is proving popular and first-time buyers need to make sure they don’t miss out on this great opportunity.”

Set just off the Warwick Road, B91 offers a selection of one and two bedroom homes just a stone’s throw from the heart of Solihull. As well as being right on the doorstep of a wealth of amenities, the development is tucked away from the traffic just enough for residents to forget the hustle and bustle of the town centre.

Linda concluded: ““As there are a wealth of homes across the region available on the scheme, we are encouraging first time buyers to visit our website and take a look at their nearest development whilst the scheme is still running.”

The final remaining apartments at B91 are available from £219,950 for a two bedroom ground floor apartment, or with HomeBuy Direct, from just £153,965. For further information and a full list of properties, visit millerhomes.co.uk.