It's a family affair

It's a family affair

This week we are launching a very exciting new incentive that will help all you generous mums dads brothers sisters grandparents aunties and uncles who are thinking about helping a relative onto the property ladder.

In recent years we have seen the ways in which first time buyers enter the market change dramatically. The days of 100 per cent mortgages are long gone and without precious savings to help buyers front up with deposits averaging 23 per cent of the purchase price many people have simply been priced out of the market.

Things have gradually improved over the last 18 or so months and with house builders like us and the Government providing shared equity schemes to assist new buyers but many families are still being called upon to help bridge the deposit gap.

Family Deposit rewards relatives who front up with the cash to help their family members gather their deposit with the equivalent of five years worth of interest at five per cent on your investment. Plus unlike any other scheme out there at the moment this is paid as a lump sum once the purchaser has legally completed the buying process.

We believe this is a great rate of return on an investment especially as it's paid up front so no need to wait years before you reap the benefits.  This is also a greater rate of interest than most banks building societies and ISAs are able to offer.

With so many 50-something parents financing the care of their elderly parents whilst helping their children start out on the property ladder and the like the sandwich generation as they have been labelled in the press have some immense constraints on their savings. With this in mind it isn't hard to see why we have implemented an incentive to give you something in return for your generosity.

I believe that this is a great scheme as it really gives us the chance to thank the many family members who step in to assist their children or relatives who have struggled to make that first rung on the property ladder. (We can't guarantee that you won't be roped into helping them move though.)

Sue Warwick National Sales & Marketing Director Miller Homes