Home buyers - have you heard the news?

If you are hoping to move home in 2012 then you will be pleased to hear that mortgage rates are currently at their lowest rate for 14 years making new homes more affordable than ever. And, with the added bonus that homes in Yorkshire and Humberside were listed as one of the more affordable areas why wait any longer to find the brand new home of your dreams?

Recent research conducted by Halifax has found that average mortgage payments for new borrowers, including buyers who are taking their first steps onto the property ladder, were around twenty seven percent of disposable income at the end of 2011 as opposed to the peak of 2007 when it was around forty seven percent. In Yorkshire and Humberside this figure was just twenty one percent.

Sales Director Steve McElroy for local housebuilder Miller Homes said, “This is great news for the housing market and should offer hope to thousands of people who had moving home on their agenda for this year. Furthermore, buying new has even more tangible benefits including ways in which we can help buyers with our host of purchase initiatives.”

One initiative that helps buyers who may be struggling is FirstBuy, a Government initiative to help buyers onto the property ladder, not just those purchasing for the first time – which means that if you qualify you could only need a five percent deposit of the purchase price of the property. Miller Homes and the Government could give you up to a twenty percent equity loan meaning you could only need a mortgage of the remaining seventy five percent of the purchase price. And, as availability is limited across the region, buyers shouldn’t hesitate in making enquiries.

“It is widely anticipated that Bank of England base rates will remain generally low over the coming months giving even more support to buyers and mortgage holders and disseminating confidence throughout all buying sectors,” commented Steve. “Buying new from Miller Homes will also give buyers even more financial stability and peace of mind knowing that they have a quality home that is built to last.”

Miller Homes currently has twelve developments throughout the region ranging from one bedroom apartments priced £77,500 to five bedroom luxury homes priced from £325,000.

For further information, visit millerhomes.co.uk.