It's a family affair with the launch of Miller Homes' new incentive

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Miller Homes have announced an exciting new incentive that will not only help first time buyers but will also reward their generous family members with an instant windfall.

The award-winning house builder has launched Family Deposit©, a brand new scheme that rewards family members that assist new buyers with their deposit.

The scheme enables family members to fund deposits of up to 20 per cent of the property purchase price.

Unlike other schemes in the marketplace, the family member will earn the equivalent of five years’ interest at five per cent on their investment, which will be paid in a lump sum to them when the purchaser legally completes the sale.

Chris Endsor, CEO of Miller Homes, said: ‘We know from speaking to buyers and conducting our own research that many young people who would love to own their own home can afford to pay a mortgage but simply cannot gather the hefty deposits required to buy the home of their dreams.

‘With this in mind, we have designed an incentive that not only enables generous relatives the chance to earn some of their investment back, but it also helps new buyers onto the property ladder – something that we feel extremely passionate about.’

The new scheme also allows more than one relative to club together to help the new buyer and share the interest paid. 

Chris continues: ‘The scheme really is a win-win for buyers and their families and is a chance for us to say thank you to the many kind family members that selflessly help their siblings, parents and sons and daughters to realise their home-owning dreams.’