Help is at hand for first time buyers that move now

Miller Homes is urging first time buyers and renters to take their first steps onto the housing ladder, but is warning that the clock is ticking for those who are looking to use the Government’s Home Buy Direct shared equity scheme.

The company is currently helping more than 400 first time buyers and renters make the move into their own home, but there is concern that time is now running out as properties are in short supply for those who are considering the scheme and the stamp duty holiday is due to run out in December. As a result, on selected plots, Miller Homes will pay the stamp duty on reservations taken in November, even if they have not completed before the stamp duty holiday ends.  

Sue Warwick, National Sales and Marketing Director commented:  “Miller Homes is one of the UK’s most successful housebuilders in terms of Home Buy Direct completions and reservations.  We already have 70% of our Home Buy Direct allocation sold. We have enormous experience of guiding homebuyers through the Home Buy Direct process, but properties eligible for Home Buy Direct funding are now in short supply and all purchases must be completed by the end of March 2010.”

She continued:  “Home buyers have to be aware that, like any house purchase, the process does take time and they will need to start the buying process soon in order to complete before the March deadline.”

Home Buy Direct is a shared equity scheme designed to help first-time buyers, renters and those living at home move into affordable home ownership. The scheme is offered on specific new build properties brought forward by developers with buyers are offered an equity loan of up to 30 per cent of the purchase price, co-funded by Government and the developer.  Any household earning £60,000 or less who could not afford to buy a suitable property on the open market is eligible for the scheme. 

Carl Harrison and his partner Kerie Mochan have benefited from the scheme and bought their dream home from Miller Homes. 

Carl commented:  “The HBD has given us an amazing opportunity to buy our dream home.  If we had not qualified for the HBD we would be living in a two bedroom terrace house with a back yard.  Instead we have been able to buy a four bedroom detached house with a garden, which is fantastic, especially for the kids.”

Shared equity is becoming an increasingly popular method of purchasing a home, says Sue Warwick.  “One of the benefits with Home Buy Direct is that you own 100% of your home from day one which isn’t the case with some other schemes which aim assist FTB onto the ladder. Schemes such as Home Buy Direct and Miller Homes’ MiWAY offer an alternative method of funding for first time buyers which can help avoid the potential pitfall of raising a large deposit.” 

The Government has made no decision on whether to extend the Home Buy Direct scheme after the March deadline, says Warwick.  “The Home Buy Direct scheme has helped thousands of first time buyers and renters, but there is no guarantee that the scheme will be extended any further and housing stocks that are eligible for funding are running out.  There is clear evidence that the housing market is beginning to pick up – my message to first time buyers and renters is that now is the time to buy.”