Baby boomers help first time buyers
As life on the whole eases for the Baby Boom Generation, more and more of their offspring are turning to this fortunate group to help them make that all important step on to the property ladder.
After recent reports on the huge deposit needed to secure a first home, Miller Homes has noticed an increase in the amount of parents helping their children make the investment.
Jan Hanaby, area sales manager for Miller Homes Yorkshire said: “We recognise and understand the difficulties that first time buyers have and, in an effort to facilitate their independence and property ownership, have developed a range of initiatives to help.”
One of those is Deposit Match, a reward scheme which sees the housebuilder match the deposit offered by the buyer, or buyer’s parents up to a maximum of 5 percent of the purchase price. Alternatively buyers can look at the award-winning housebuilder’s MiWay initiative which allows them to confidently own 100% of their property but pay from only 85% of the price now and the further 15% later. Customers are able to arrange their own finance for the 85% part of the fee with Miller Homes providing a 0% APR loan for the remaining 15%, which is secured upon your home for up to 10 years. Customers fulfil their loan obligations by paying back 15% of the value of their home when they sell or transfer it, or after 10 years – whichever is the soonest.
Jan continued: “With recent reports suggesting that in 50% of cases first time buyers are receiving some sort of financial help from their parents we feel that our initiatives will certainly help the baby boomers as well as first time buyers. Both generations can also feel secure in the knowledge that by purchasing a brand new Miller Home maintenance and other, often high costs, associated with second hand properties are eliminated.”
Miller Homes’ Fairfield Manor development in Wakefield, is just one example of beautiful new homes available to first time buyers at very competitive prices with great assistance initiatives. A stunning two bedroom apartment is currently available from just £112,500 and represents an excellent long term investment for anyone.
Fairfield Manor is located just half a mile from Wakefield Centre and is close to both M1 and M62 providing an ideal base for commuters.
The sales centre is open to parents and their children daily from 10.30am – 5.30pm.
