Miller extends HomeBuy Direct scheme in Salford
Miller Homes is extending the HomeBuy Direct (HBD) scheme at its Unity Quarter development in the Kersal suburb of Salford.. To make sure they secure their dream home, buyers are being urged to act fast before the funding allocation and limited plots get snapped up.
HBD, is a success in offering a lifeline to homebuyers in these days of limited mortgage supply. It is a Government backed shared equity scheme that is designed to help first time buyers, key workers and those in need of affordable housing to get out of rented accommodation and buy and own their own new home. It does this by providing an equity loan of up to 30% of the price of the property. This equity loan is co-funded by Miller Homes and the Government. It has favourable terms, in that the equity loan can be repaid over the next 25 years and has no interest charges for the first five years. After the first five years the interest is capped at 1.75% with annual increases line with the retail price index plus1%.
People qualifying for HomeBuy Direct can pay a little as 70% of the cost of their new home now yet own 100% of the property as soon as they move in. In borrowing up to 70% of the property value, the home buyers are in a stronger position when seeking a mortgage offer. Because they are seeking a mortgage of 70% or less, the monthly repayments will be lower than say a 95% or 100% mortgage of the pre credit-crunch days.
Helen Toher-Horne, Miller Homes Sales Manager says: “There has never been a better time to buy a new home. House prices are on the rise yet interest rates are still low and there are new allocations of HomeBuy Direct properties available now. We have seen a marked increase in visitor levels across our sites and sales are strong with people prepared to buy off plan to secure their ideal plot.”
New releases at the developments include; 3 and 4 bedroom family homes and the ‘Atlantic’ 2 bedroom apartment priced at £116,950 or just £81,865 now with HBD.
For more information on HBD, and to see the properties available, visit the Unity Quarter marketing suite and show homes on Oaklands Road, Kersal, Salford, M7 3GP, open Thursday to Monday from 10.30am to 5.30pm. Alternatively, go online to millerhomes.co.uk.
