Help to Buy Bristol
Help to Buy 2021 – here we cover everything you need to know about the scheme and how you can buy a home with Help to Buy in Bristol.
Applying for Help to Buy can be the best way to get on the ladder as a first time buyer. The government is offering a range of schemes to help those earning less, and with smaller savings pots, to buy new build properties across the country.
These schemes can be a bit complicated to navigate though so we’ve broken down everything you need to know about Help to Buy Bristol below. If you’d like some more help or someone to point you in the direction of gorgeous properties on the scheme then give us a call! Book a chat with a property expert below – it’s free!
Help to Buy 2021 – An Introduction
Applications for the 2021 scheme are now open. Below we outline the subtle changes to the previous Help to Buy equity loan scheme that are worth noting.
The new Help to Buy 2021 scheme is now only available for first-time buyers. Previously the scheme allowed all purchasers buying a new-build to buy using the scheme, however the government has decided to restrict the current version to those buying for the first time.
Another change is the new regional price limits where buyers will only be able to use the scheme up to a set price depending on where they are buying. As this guide focuses on Bristol, you can purchase using Help to Buy up to a value of £349,000.
Help to Buy in Bristol
Bristol is an incredible city to get on the ladder for the first time. It’s vibrant, affordable and has an incredible local scene to keep you busy!
The really great thing about the price cap of £349,000 in Bristol is that it can buy you everything from a 2-bed flat with a gorgeous view to a 3-bed detached house and garden! So many options to fit your budget and your preferred location.
Bristol is a creative hub that has been home to some of the UK’s biggest artistic movements from Trip Hop and Dubstep to global street art phenomenon Banksy and so much more. Bristol is a sizzling hotbed of arts, music and culture that reverberates across the city and beyond. There is never a dull day in this gorgeous jewel in the South West.
Surrounded by luscious green landscapes and just a stone’s throw from the sea, Bristol makes the perfect home to city slickers and country folk alike. There really isn’t any reason to hesitate getting your hands on a brilliant new property here.
What does the £349,000 Bristol price cap mean?
The new Help to Buy scheme for 2021 sees the introduction of regional price limits, with buyers not able to use the scheme to purchase a home costing more than 1.5 times the average first-time buyer property price in the area they are buying.
This equates to £349,000 for Bristol.
What can you buy for £349,000 in Bristol?
There are so many incredible options available with this price cap in Bristol.
With two bedroom flats available for as little as £205k there are properties to suit all price points. To purchase a property at this price with the Help to Buy Equity Loan you’d need to save just £10,250 for the deposit making it incredibly affordable to save for. To be eligible for the 75% mortgage the buyer, or buyers, would have to have a combined income of around £34k per annum.
If you are looking for something larger there are also some gorgeous options for three bed houses built in traditional ‘coach house’ style available for £347k in the super stylish Easton neighbourhood. These homes make a fantastic forever home for a family and you’d still need to save just £17,350 for the deposit!
Where do I find a Help to Buy eligible home in Bristol?
Remember, not all housebuilders qualify to sell through the Help to Buy scheme and finding out which ones do can be mind boggling. Not all are listed through the government websites and there is clearly a lack of information on the subject.
At mypropertyadvice.com we navigate through the Help to Buy market to provide you with impartial advice on the best properties available to you in your area. For a free call for some initial advice, contact us below.