My First Home is a new initiative from Mactaggart & Mickel that will help you make your first steps on the property ladder. To help explain this new initiative, we have made a short film which you can view on our new TV channel macmic.tv by clicking the link below. We also have a comprehensive Q&A under the film which will help complete the picture.
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Who is the My First Home package for?
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What benefits will I get with the My First Home package?
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My First Home is designed to help make taking that first step on the property ladder a simple and stress free experience.
- purchase a new home at only 75% 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.
There is not fixed time limit to repay the 25% stake held by Mactaggart & Mickel. It is repayable when you sell or cease to occupy the home and is based on market value of the home at that time (please ask your sales consultant for the full terms and conditions).
- receive assistance from an independent mortgage broker in securing a mortgage, who will also help you determine if you qualify for no deposit.
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If the 25% is held by Mactaggart & Mickel do I still fully own my home?
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Yes, 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”
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Further Information
When you buy a home from us you will only have to finance 75% of the purchase price because we will, if you wish, retain a 25% 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 25% you would get 75% of the price obtained on a sale and we would get 25%.
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