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CHOOSE AND OWN 100% OF YOUR HOME – PAY PART NOW AND PART LATER

is the easy way to buy your new home without having to pay the full purchase price up front and because is not a shared ownership scheme you own 100% of your home from day one (The loan will be secured on your new home).

Here’s how it works:

If you qualify for , you fund from only 85% of the price now (the percentage you need to fund will depend on your circumstances) and we’ll provide you with a loan of up to 15% for the remainder.
After 10 years, or when you sell or transfer your home, you simply pay back 15% (or the percentage you qualified for) of your home’s market value in one payment at that time.
There is no interest for the first five years and 4% annual interest payable on the outstanding loan for the next five years, payable monthly.
5.5% APR typical
If the value of your home stays the same or falls, you will pay back the same or less than you borrowed but if the value increases you will have to pay back more.

YOUR QUESTIONS ANSWERED

Q. HOW WILL MY HOME BE VALUED?
A. The value of your home will be the agreed sale price assuming a transaction between unconnected parties on the open market***.

Q. HOW DO I FUND A PURCHASE?
A. The 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 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 loan will cover the remaining 15% (or the percentage you qualified for) of the price.

Q. HOW DO I FIND OUT WHICH PROPERTIES IS AVAILABLE ON?
A. The scheme is available on selected properties on selected developments. Look out for the logo on each development on our website and contact our sales advisers for further information.

Q. WHAT HAPPENS AT THE END OF THE TEN YEARS WHEN THE LOAN BECOMES REPAYABLE?
A. Your 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 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.

Q. CAN I REPAY THE LOAN EARLY OR IN PART?
A. If you are able to do so, you can voluntarily repay the loan at any time during the 10 year period based on the open market value at the relevant time. Alternatively, you can make part payments of at least £5,000, please ask for details.

Q. CAN I USE TO BUY A PROPERTY TO RENT?
A. To be eligible for this scheme the property must be your only property.

Q. CAN YOU GIVE ME SOME EXAMPLES?
A. 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 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).

Q. ARE THERE ANY OTHER CONDITIONS?
A. The scheme is plot specific and subject to status. The loan cannot be used in conjunction with any other offer. Miller Homes reserve the right to withdraw the 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.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP THE REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT

**A 5% minimum deposit may be required by lender. More may be required dependent on circumstances and your lender’s lending criteria. †Subject to qualification by a Miller Homes’ approved financial adviser. *In both examples, you would have to repay any monies owing under your first mortgage before you repay your loan. ***If we cannot agree upon a market value, two independent valuations will be obtained and the average of those will be taken to be market value.

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