Potential homebuyers in the market for a new-build property can now take advantage of an additional incentive from Miller Homes West Midlands after the leading homebuilder announced it would be offering 95% mortgages with its Home Exchange scheme.
This means that those interested in a Miller home but who need to sell their existing property first would have a guaranteed buyer through Miller Homes and only need a 5% deposit to purchase their new home using government-backed incentive scheme NewBuy.
Chris Endsor, chief executive of Miller Homes, said: “With many second purchasers facing negative equity and unable to move because they will only have a small deposit or cannot sell their home, this enhanced incentive will provide a realistic chance of them being able to move further up the property ladder. We view this as a positive step towards boosting the market at all levels.”
NewBuy enables those who meet the qualifying criteria to purchase a new build property with as little as a 5% deposit. Lenders participating in the scheme will offer up to a 95% mortgage on homes up to the value of £500,000.
With the Home Exchange scheme, the housebuilder will purchase 100% of the value of the buyer’s property based upon an independent RICS valuation, providing a guaranteed buyer and removing the hassle of selling and uncertainties which come with it.
Stewart Baseley, executive chairman of the HBF, said: “We know there is a huge pent up demand for home ownership after years when large deposit requirements have prevented many people from buying their first home or trading up to a larger home.
“NewBuy means people can buy a new home with a 5% deposit and is now a real option for those who thought they couldn’t get on to the property ladder.
“Allowing people to part exchange their existing homes and buy a new one using NewBuy will also be a huge boost for those families stuck in their existing homes, unable to sell and without the required deposit to move.
"this will then help kick-start new home construction, creating economic growth and thousands of jobs across the country.”
The combined Home Exchange and NewBuy offer is available on specific plots at all Miller Homes developments across the West Midlands, including Littleton Green in Huntington, Pippins Croft in Quedgeley and The Willows in Stone.
To find out more, go to www.millerhomes.co.uk.