We are helping to make your first step on the property ladder or step up it easier with our Homebuyer House Purchase Plan.
With our Homebuyer House Purchase Plan you only have to pay 85% of the purchase price of a new home. This will allow you a lower mortgage, fewer mortgage payments and a bigger more expensive home than you perhaps first thought you could afford. This offer is available on selected plots on selected developments.
For more information on our Homebuyer House Purchase Plan please contact you nearest Sales Centre or call our Direct Sales Line on 0845 600 1925
Below are some frequently asked questions that should assist in clarifying how the Homebuyer House Purchase Plan can work for you.
QWhat is a Homebuyer House Purchase Plan price?
AWhen you purchase a home from us under the Homebuyer House Purchase Plan, you will be required to finance on 85% of the purchase price. When you buy we will retain a 15% interest in the home (“our share”) for the first 10 years.
QWhat are the actual benefits to me of the Homebuyer House Purchase Plan?
AThis could allow you to purchase a more expensive or larger home than you thought you could and save on your monthly mortgage payments.
Q When do I have to repay the outstanding balance to Mactaggart & Mickel Homes and how much will I pay?
a) For clients who sell their home or reach their tenth anniversary and pay back the outstanding percentage- the current market value at the time of sale is sought
b) If one of the payment events occurs other than a sale (your lawyer can explain this fully to you), or if you choose to pay back the sum early, the figure paid back to Mactaggart & Mickel Homes must not be less than the original sum of the outstanding percentage.
QDo I still fully own my home?
AYes, absolutely. With our Homebuyer House Purchase Plan the title to the property is in your name and you enjoy full and exclusive rights of occupancy. You pay all insurance premiums and council tax. We take a Standard Security (2nd charge) over the property to secure repayment of “our share”.