My First Home is a new initiative from Mactaggart & Mickel that will help you make your first steps on the property ladder. We have a comprehensive Q&A below which will help complete the picture.
QWho is the My First Home package for?
AMy First Home is for first time buyers trying to get on to the property ladder and is available on selected plots at certain developments listed below.
Campsie Village
Cherrybank Gardens
Marr Meadows
East Craigs
Meadow Belles
QWhat benefits will I get with the My First Home package?
AMy First Home is designed to help make taking that first step on the property ladder a simple and stress free experience.
1. Purchase a new home at only 85% of the full price. This could allow you to purchase a more expensive or larger home than you thought you could afford and save on your monthly mortgage payments. This could also mean no deposit subject to your status and mortgage provider’s criteria.
2. Receive assistance from an independent mortgage broker in securing a mortgage, who will also help you determine if you qualify for no deposit.
QWhen do I have to repay the outstanding balance to Mactaggart & Mickel Homes and how much will I pay?
A
There is no fixed time limit to repay the outstanding balance.
a) For clients who sell their home 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.
Q15% is held by Mactaggart & Mickel do I still fully own my home?
AYes, absolutely. With My First Home 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 over the property to secure repayment of “our share”
Further Information
When you buy a home from us you will only have to finance 85% of the purchase price because we will, if you wish, retain a 15% interest in the property (thereafter referred to as “Our Share”) on the terms set out in a Standard Security and Minute of Agreement.
This could mean lower monthly mortgage repayments – a real benefit for any purchaser – or it could mean the chance to buy a home bigger, better and more expensive than perhaps you though you could afford.
“Our Share” does not require to be repaid except on a payment event which is normally on sale, transfer or if you cease to occupy the home. Where “our Share” is 15% you would get 85% of the price obtained on a sale and we would get 15%.
The market price can be determined usually by contacting our Head Office and you pay us that percentage of the valuation represented by “Our Share”.
We charge no interest on “Our Share”, nor do we take a proportion of the added value of any improvements or additions which you make to the home.
Under our Scheme you enjoy 100% Title, full and exclusive rights of occupancy of the whole home. You pay all insurance premiums and Local Council Tax. You have to keep the home properly maintained and meet all mortgage repayments.