Family Deposit

If your relatives would like to help out with your deposit, we’ll reward them with a lump sum equivalent to five years interest at 5%. A win-win situation.

Helping your family onto the property ladder has never been more rewarding. With Miller Homes' unique Family Deposit Scheme*, you can provide a financial boost for your loved ones while enjoying an impressive return on your investment. It's a win-win opportunity that's difficult to match.

 

How the Family Deposit Scheme Works

When you assist a family member by paying the deposit on their new Miller Home, you'll reap benefits from your generosity. An instant windfall equivalent to 5% interest per annum over 5 years* is paid from legal completion, offering a guaranteed return that can be hard to come by elsewhere.

Our Family Deposit Scheme* simplifies the home-buying process with three easy steps:

  1. A family member contributes up to 20% of the home's purchase price as a deposit.
  2. The homebuyer selects and moves into a brand new Miller home.
  3. Upon legal completion and moving in, Miller Homes pays a guaranteed lump sum equivalent to 5% interest for 5 years* to the deposit-contributing family member.

It really is as straightforward as that!

 

Collaborative Contributions and Flexible Options

In our scheme, more than one family member is allowed to contribute to the deposit. The interest can be paid by cheque to one person or into a nominated bank account as advised by your solicitor*.

To facilitate the process, and should you choose, Miller Homes can provide contact details for Independent Financial Advisers to assist you in choosing from their range of approved lenders.

The deposit can be gifted by your family member, meaning it doesn't need to be returned if the house is sold**. Alternatively, you can arrange through your solicitor to return the deposit to the family member at a time that suits both parties**.

 

The Family Deposit Scheme in Practice

Let's visualise this with an example. Say you're purchasing a 2-bedroom apartment priced at £150,000. With a 20% deposit of £30,000, your family member could benefit from a return of up to £7,500*. Everyone truly does win with the Family Deposit Scheme*!

For more details and to see if you're eligible, please get in touch with the team at Miller Homes today. 

*The Family Deposit scheme is development and plot specific and cannot be used in conjunction with any other offer. This payment may be subject to income tax. The interest payment is not exempt from income tax or capital gains tax. The recipient of the interest is responsible for declaring and paying any tax that may be due on this payment. Interest will be calculated as a simple interest payment therefore is not compound interest. Miller Homes (in its absolute discretion) shall complete satisfactory due diligence of any person or company providing any part of the funds for the deposit and Miller Homes reserves the right to withhold any interest payment subject to the completion of satisfactory due diligence and/or disclosures in relation to the beneficiary of any interest payment(s).

**Customers must seek professional advice and the Customer is responsible for making any disclosures as are required to proceed with the Family Deposit scheme.

Miller Homes reserves the right to withdraw the Family Deposit scheme at any time. Scheme provided by Miller Homes Limited of Miller House, 2 Lochside View, Edinburgh Park, Edinburgh EH12 9DH.

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New Build Homes Mortgages FAQs

Are there any tax implications to the Family Deposit scheme?

Yes, the lump sum payment may be subject to income tax, and the interest payment is not exempt from income tax or capital gains tax. The recipient of the interest is responsible for declaring and paying any tax that may be due on this payment.**

Can more than one family member contribute to the Family Deposit?

Yes, multiple family members can contribute to the Family Deposit. The interest can be paid to one person or into a nominated bank account, as advised by your solicitor.

Can the Family Deposit scheme be used in conjunction with other offers?

No, the Family Deposit Scheme* is specific to select developments and plots and cannot be used in conjunction with any other offer.

How is the interest paid out?

The interest is paid out as a lump sum, equivalent to 5% interest for 5 years*, upon the legal completion of the property purchase and the new homeowner's move-in.

What happens to the deposit if the house is sold?

The deposit can be given as a gift, meaning it does not need to be returned if the house is sold**. Alternatively, you can arrange through your solicitor to return the deposit to the contributing family member at a time that suits both parties.

What if I need help choosing a lender?

If you choose, our sales team at Miller Homes can provide contact details for an Independent Financial Adviser to assist you in choosing from a range of lenders.