You buy a Miller Home costing £150,000. If you qualify for the maximum 15% loan, you raise a first mortgage for £121,125 (80.75%) from your bank and pay a deposit of £6,375 (this is 5% of the equity share). We then lend you the remaining £22,500 (15% secured on your home for up to 10 years) through MiWAY at 0% interest for 5 years, 4% per annum interest for the remaining term. 5.5% APR typical. If you decide to sell the property after 8 years and the value of your home has increased to £160,000, the amount due under your loan would be £24,000. Interest of £2,700 will have been paid (4% per annum, payable monthly). Or if you sell after 2 years and the value of your home has fallen to £140,000, the amount due under your loan would be £21,000* (remember house prices can go up or down).

Your MiWAY loan of 15% (or the percentage you qualified for) of the market value of your home will become repayable when you sell or transfer your home, or after 10 years, and will be payable in one lump sum. You must repay your first mortgage before you repay your MiWAY loan. If the value of your home falls there may not be enough sales proceeds to repay both loans. If you do not have your own money to pay this you will need to raise the money by selling your home and/or borrowing it from another lender. However, we will consider cases of financial hardship sympathetically and positively and we may consider extending your loan, subject to security and status.

The MiWAY scheme is subject to qualification by a Miller Homes’ approved financial adviser. Miller Homes cannot provide any financial advice. However we do have a list of Independent Financial Advisers who are familiar with the MiWAY scheme and we can put you in touch with them. They can help you find a suitable mortgage for the main part of the price (which your bank or building society will secure by a first mortgage on the property). The MiWAY loan will cover the remaining 15% (or the percentage you qualified for) of the price.

The MIWAY scheme is plot specific and subject to status. The MIWAY loan cannot be used in conjunction with any other offer. Miller Homes reserve the right to withdraw the MIWAY scheme at any time. Credit is available subject to security and status. Credit provided by Miller Homes Limited of Miller House, 2 Lochside View, Edinburgh EH12 9DH. Miller Homes reserve the right to decline your credit application. Loan terms and full conditions apply; full details and written quotations are available on request. Exchange contracts within 28 days and completion/settlement as specified.