BUYERS in the market for a new build property in the North-East can take advantage of a new incentive from Miller Homes – a Home Exchange scheme that offers 95 per cent mortgages.

This means that anyone interested in purchasing a Miller home – but who needs to sell their existing property first – would have a guaranteed buyer through Miller Homes and only needs a five per cent deposit to purchase their new home using the government-backed NewBuy incentive scheme (subject to availability, status and eligibility and to satisfying lender criteria).

Steve McElroy, Miller Homes’ North-East sales director, said: “We are delighted to be able to offer Home Exchange, our part exchange scheme, with the 95 per cent mortgage scheme NewBuy.

“With many second purchasers facing negative equity and being 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 anyone who meets the qualifying criteria to purchase a new build property with as little as a five per cent deposit. Lenders participating in the scheme will offer up to a 95 per cent mortgage on homes up to the value of £500,000 in England.

With Miller Homes’ Home Exchange scheme, the house builder will purchase 100 per cent of the value of the buyer’s property based on an independent RICS valuation, providing a guaranteed buyer and removing the hassle of selling, along with the uncertainties that 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 five per cent deposit and is now a real option for those who thought they couldn’t get onto the property ladder.

“Allowing people to partexchange 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 withoutthe required deposit to move.

“Over the coming years, NewBuy will make a real difference and help tens of thousands of people to realise their ambition of home ownership. This, in turn, will help to kick-start new home construction, creating economic growth and thousands of jobs across the country.”

Miller Homes has ten active developments across the North-East, including The Meadows in Framwellgate Moor, Cobblers Hall in Newton Aycliffe, The Pastures in Darlington and Mariners Way in Seaham, which cater for a wide variety of buyers, from those looking to buy their first home to growing families and downsizers.

Home Exchange and 95 per cent mortgages are available on selected plots and developments up to the value of £500,000 for NewBuy, subject to meeting the qualifying criteria. To find out more, contact one of the company’s developments – details at millerhomes.co.uk.