Share and Share Alike Trend Continues to Flourish
This is something that Miller Homes is witnessing. Having helped hundreds of first time buyers to buy their dream home using shared equity in 2008 we extended the availability of our MiWay scheme resulting in a further 320+ reservations since the start of this year!.
And with the release of properties under the Government-backed HomeBuy Direct scheme earlier this year the shared equity trend continues. In fact there are over 1400 potential homebuyers who have registered interest in Miller Homes’ HomeBuy Direct properties across England.
It’s easy to see the appeal of shared equity schemes. Simply put they help those who previously have not been able to get a foot on the property ladder either due to the tightening in mortgage lending or because they have struggled to raise the deposits they need to secure a brand new home.
With schemes like HomeBuy Direct first time buyers and indeed other buyers qualifying for the scheme have the opportunity to purchase 100% of their home by potentially paying as little as 70% of the value with both Miller Homes and the Government equally funding the remaining 30%. This then allows them to access some of the better mortgage rates which are currently available on 60 to 80% loan to value mortgages.
And with Alistair Darling announcing a further £80 million worth of funding for the scheme there has never been a more opportune time to take advantage of this invaluable assistance package. We encourage anyone struggling to raise a deposit to consider the shared equity option.
For further information on Miller Homes properties available under the HomeBuy Direct scheme click here.
Sue Warwick National Sales & Marketing Director