Could you reclaim your home?
Over 62% of first time buyers surveyed in the Yorkshire and Humber region would ask for help with a home deposit from their parents. So what does this mean for the baby boom generation?
It’s a choice of either accepting your children may not flee the nest for some considerable time, or alternatively doing as most parents do and intervene!
In a recent survey by Halifax it was reported that the average deposit in the first half of 2011 was eight percent lower than in the same period last year offering encouragement for prospective buyers and their parents alike.
Also the latest initiative from the Government to help first time buyers take a step onto the property ladder has been launched. FirstBuy, an equity loan scheme, means that if you qualify, a prospective first time buyer could only need a five percent deposit of the purchase price of the property.
“In order to support first time buyers and their parents Miller Homes has developed a way in which parents can benefit from helping their child secure a home for their future,” commented Ross Clarkson sales manager Miller Homes Yorkshire. “In conjunction with the FirstBuy incentive, parents can recommend their children as a prospective Miller home buyer, help with their deposit and in return receive a ‘Thank you’ from Miller to the tune of £1000 if they reserve and complete.”
“A recent survey commissioned by Miller Homes documented that 53 percent of first time buyers were unable to purchase due to lack of deposit, whilst a further 30 percent couldn’t obtain a large enough mortgage,” commented Ross. “With this in mind Miller Homes decided to ensure buyers were given as much help as possible and with several properties available at our local development, Brooklands, there has never been a better time to help your children and reclaim your spare room!”
Properties currently available under FirstBuy at Brooklands include a selection of two bedroom apartments priced from £74,500 and three bedroom houses from £115,000
The sales centre at Brooklands is open Thursday – Monday from 10.30am – 5.30pm. Alternatively, visit millerhomes.co.uk.
