Miller Homes has announced that approximately £1 million of homes have been snapped up across its West Midlands region by first time buyers who have taken advantage of FirstBuy. And according to the housebuilder, those who have made getting on the property ladder their New Year’s resolution can also get a helping hand from the popular assistance scheme.
Introduced at selected Miller Homes’ new housing developments earlier this year, including Miller Central and Northcote in Birmingham, FirstBuy was designed to put homeownership within the reach of a greater number of first time buyers. Buyers qualifying for the scheme are able to purchase 100 per cent of their home by paying up to 80 per cent of the value now, with both Miller Homes and the Government equally funding the remaining 20 per cent in the form of an equity loan.
A recent survey commissioned by Miller Homes highlighted that nearly 53 per cent of potential buyers did not have enough funds for a deposit, while 30 per cent could not get a big enough mortgage. According to Miller Homes, the success of FirstBuy over recent months proves that the scheme is addressing both issues.
Ann Crick, Sales Director for Miller Homes’ West Midlands region, explained: “FirstBuy is clearly giving a much-needed boost to first time buyers in Birmingham and beyond who would otherwise have been seriously restricted by issues of affordability.
“Together with Miller Homes’ very own equity loan scheme MiWay, FirstBuy has helped many purchasers onto the property ladder. It has provided today’s buyers with a way of escaping the rental trap and enables them to enjoy a level independence and sense of ownership that they simply don’t get when living with parents.
“The good news is there are many properties available throughout Birmingham and Miller Homes’ wider West Midlands region which can be purchased with FirstBuy. Those interested can visit their nearest development to quickly find out if they are eligible. They can then relax and look forward to 2012 being the year that they finally get to realise their homeownership aspirations and are able to enjoy all the benefits that this can bring.”
Situated in Erdington, just five miles from the centre of Birmingham, Northcote is a well-established development of two, three and four-bedroom houses, and contemporary one and two-bedroom apartments. Prices at Northcote currently start from just£85,950 for a one-bedroom apartment. A range of two and three bedroom houses is also currently available, with prices starting from £149,950 for a two-bedroom house.
Plot 73, an ultra-stylish one-bedroom apartment, is among the new homes currently available under the FirstBuy scheme at Northcote. Priced at £85,950, those who take advantage of FirstBuy can own 100 per cent of the property with a mortgage from just£68,760; and, as an added benefit of the scheme, buyers only have to find a four per cent deposit, which amounts to £2,750 for the one-bedroom apartment.
Located off Rea Road in Northfield, just six miles from Birmingham city centre, Miller Central is a tree-lined development which provides a retreat from the hustle of the city. The development is just 20 minutes’ drive from central Birmingham and three miles from the M5 and the M42. Prices at Miller Central currently start from £172,950 for the three-bedroom, three-storey Hardy townhouse.
The four-bedroom Ansty, with integral garage, is currently available on FirstBuy priced from just £151,960 for eligible buyers.
Alternatively, those who want to reduce the mortgage amount needed to buy a new home can take advantage of Miller Homes’ very own equity loan scheme MiWay. Those eligible receive a loan from Miller Homes for up to 20 per cent of the purchase price of their selected property, leaving them to arrange a mortgage for the more affordable remaining amount.
For more information on Miller Point call 0800 840 8706, or visit the development which is open 10am to 5pm daily (1pm to 5pm on Mondays). Alternatively, visit millerhomes.co.uk.
A special episode of Miller Homes TV is available to guide viewers through all they need to know about Firstbuy. Visit www.millerhomes.tv to view the latest episode on Miller Homes’ very own online TV channel.
Via EPR Network
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