Pay 75 Percent Own 100 Percent

Don’t wait to move into your new home…when you can buy now for just 75% of the purchase price:

- Pay only 75% of the purchase price now
- Your new home is 100% yours
- No interest or rent to pay on the outstanding 25%
- 25% at the revised market value is to be paid back at any time up to resale or within 10 years…whichever is sooner
- You can “staircase” your purchase - buy back a minimum of a quarter of the 25% Morris balance at any time in stages over the ten year period.

So, if you are a first time buyer or looking to move up the property ladder, all you need to do now is... simply reserve and legally complete by the agreed date.

How does the scheme work?

Mortgage finance is arranged on 75% of the purchase price. The remaining 25% becomes a second loan from Morris secured on the property although there is no interest or rent repayable.

When do I have to repay the 25% balance?

The 25% at the revised market value is to be paid back at any time up to resale or within 10 years... whichever is sooner.

Can I repay the 25% early without selling?

Yes - you can either repay a minimum of a quarter of the 25% Morris balance or the full amount at any time, subject to valuation.

Are there any other costs involved?

Yes – solicitor’s fees and valuation fees will be payable by you.

How is the market value determined?

We take the average of two independent valuations at the point of resale, early repayment or at the end of the 10 year period.

What happens if I improve my property? Do I have to pay 25% of the increased value to Morris?

No - the market value at the end of the period is less any improvements.

Can I buy a property to rent out?

No – the scheme is only available for those buying a home as a place to live.

What happens if I cannot repay the 25% after 10 years?

In conditions of genuine hardship, the position will be reviewed on an individual basis and the loan period may be extended up to a maximum of five years.

How do I apply?

Speak to your Morris Homes Sales Advisor, who will refer you to an Independent Mortgage Advisor who is familiar with this scheme. If you decide to proceed with a loan, you will be asked to use one of a number of independent solicitors recommended by Morris Homes.

See terms and conditions section for further financial information

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