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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:

Simply arrange your own finance for 85% of the purchase price and Miller Homes will provide a loan for the remaining 15%.
You repay the loan by paying back 15% of the value of your home when you sell or transfer it or after 10 years, whichever comes soonest.
There is no interest for the first five years and 3% annual interest payable on the outstanding loan for the next five years, payable in one lump sum when the loan is repaid.

5.4% 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. 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% 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 will become repayable after 10 years. You will be required to pay us 15% of the market value of your home at that time plus the interest payable on the final five years of the loan term. 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 Miller loan at any time during the 10 year period based on the open market value at the relevant time. Alternatively, you can make up to four part payments, 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. You raise a first mortgage for £127,500 (85%) from your bank or building society. We then lend you the remaining £22,500 (15% secured on your own home) through . 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 plus interest (3% per annum) of £2,025. 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 reserves 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 reserves 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. *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.