Date published: 14/06/2012
Packing your belongings and moving out of the parental home for good might seem like a distant dream for many young adults; however there is help available to make this a reality according to leading housing developer Miller Homes.
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.
Whilst the main barriers for young people in purchasing a property is the ability to secure finance and save enough money for a large deposit, Miller Homes offers a number of incentives on its properties to assist potential buyers regardless of age.
Chris Endsor, Chief Executive of Miller Homes, said: “We are acutely aware of how difficult it can be for young people to secure a mortgage and find enough money to pay a large deposit on a new home, which has been exacerbated over the last couple of years by the challenging economic conditions.
“With our extensive experience of the home buying market, we have worked hard to make home ownership a reality for home buyers by developing a range of our own incentive schemes and offering government-backed initiatives which provide additional help and security for buyers.
“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.”
Among the incentives* offered by Miller Homes are:
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 five years interest at 5% the moment the buyer moves in.
“For over 75 years we have been helping people move, including individuals, couples and parents in their 20s who are seeking their independence. We are confident our incentives provide a great range of options to help turn that dream of home ownership into a reality.”
*All incentives are available subject to meeting specific lending criteria.
Photograph above: Emma Curran & John Wardle celebrate buying their first home at Miller Homes' Cobblers Hall development, Newton Aycliffe.
Name: Marie Dunsmuir