Helping Boomerang Kids Bounce Back

Helping Boomerang Kids Bounce Back

Recent figures released by the Office of National Statistics show that three million young men and women aged between 20 and 34 years old were living with their parents in 2011 – a 20% increase since 1997.

This includes those who moved out but later returned due to the rising cost of living – known as ‘boomerang kids’. The main barriers for them in purchasing a property is the ability to secure finance and save enough money for a large deposit which has been exacerbated over the last couple of years by the challenging economic conditions.

Using our experience we have worked hard to provide additional help and security for buyers by developing a range of our own incentive schemes as well as offering government-backed initiatives*.

This includes a number of equity loan schemes or straightforward financial incentives which can make buying more realistic and affordable and in many cases a cheaper alternative to renting:

• NewBuy – a 95% loan to value mortgage scheme for buyers with a small deposit of 5%. Available on new build properties in England up to the value of £500k and open to anyone who meets the qualifying criteria.

• FirstBuy – a government funded equity loan scheme of a maximum of 20% of the purchase price aimed at first time buyers with a limited deposit. Available on selected properties in England.

• MiWay – a Miller Homes’ scheme offering an equity loan of up to 15% of the purchase price. Available on selected properties across the UK.

• Deposit Match – Miller Homes will match the customer’s deposit (up to 5% of the purchase price) of the selected plot as agreed at the point of reservation.

• Family Deposit – if a relative pays a deposit on a Miller Home (up to 20% of the purchase price) they will earn the equivalent of 5% interest for five years from the moment the buyer moves in.

Among those young people we have helped achieve their independence recently include a 23 year old business graduate in Glasgow a couple in their mid-twenties from County Durham and a mum and a psychology graduate in Yorkshire.

So while packing your bags and moving out of the parental home for good may seem like a distant dream there is assistance out there which could help turn it into reality.

*All incentive schemes are available subject to meeting specific lending criteria.

Chris Endsor
Chief Executive Miller Homes