Miller Homes NW joins first-time buyer rescue scheme

Miller Homes has joined the Government's Homebuy Direct initiative, adding 627 units to the first-time buyers scheme.

The privately owned business, controlled by Keith Miller, has two dozen developments in the North West including projects in Warrington, Widnes, Darwen, and Manchester.

The £400m Homebuy Direct initiative gives first-time buyers an equity loan of up to 30% of the purchase price, co-funded by the government and the developer. The equity loan is repayable after 25 years and no interest is charged for the first five years.

Miller's new-build homes added to Homebuy Direct are from 39 sites across England. The product is offered to households earning less than £60,000 who cannot afford to buy a property on the open market.

Sue Warwick, national sales and marketing director at Miller Homes, said: "The Homebuy Direct scheme is a great shot in the arm for prospective homebuyers.

"It will enable more people who have found it almost impossible to get a foot on or climb the property ladder, either due to the tightening of mortgage lending or because they have struggled to raise the deposits they need to secure a brand new home."