Budget 2021: What Help is Available for Buyers in Bristol?
Everyone talks about getting on the property ladder and how important it is. But actually getting anywhere near finding the right house can feel just as impossible as winning the lottery.
So, as a Bristol Estate Agent, we were delighted when chancellor Rishi Sunak revealed that he was determined to turn generation rent into generation buy in his 2021 Budget.
But how exactly does he plan on doing this?
What is the 95% Mortgage Scheme?
As a Bristol Estate Agent, we’ve got a lot to blame Covid for including the fact that it’s now harder than ever for first-time buyers to get their hands on a mortgage. But Rishi Sunak wants to change this.
His new 95% Mortgage Scheme will mean that banks and building societies will be able to offer 95% mortgages again, meaning you only need to find a 5% deposit.
Who is Eligible for the 95% Mortgage Scheme?
If you’re a first-time buyer in the UK who is looking to buy a property with a Bristol Estate Agent, you'll be pleased to know you can take advantage of the scheme. It’s only open to new mortgage applications though and isn’t available for second homes or landlords.
A few other things to bear in mind. The property has to cost under £600,000, the mortgage will be on a repayment basis and you’ll need to be credit checked and meet the affordability tests. It’s also only available until the end of 2022.
Where Can I Get a 95% Mortgage?
Tempted to get started looking for your first home with the help of an Estate Agent in Bristol? Perhaps you’ve found the dream pad and you’ve already pictured where you’re putting the Christmas tree…
Lots of big lenders are now offering these mortgages including NatWest, Barclays, HSBC, and Virgin Money — with interest rates coming in at below 4%.
Other Help Available for Buyers
Got your eye on a sparkly new build property? Maybe you’ve seen a new build estate advertised by our local Estate Agent in Bristol?
The Help to Buy Equity Loan scheme is also still available until 2023. Just like the new 95% Mortgage Scheme, all you need to do is put together a 5% deposit for a property that’s worth up to £600,000.
Rightmove recently revealed that on a 5% deposit, first-time buyers would need to save around £10,000-£20,000. But this depends on where you’re looking to buy, of course.
Taking the First Step
Are you a buyer looking to kickstart your property search with a Bristol Estate Agent? Perhaps you just want to know exactly what’s on offer.
Either way, we’d be delighted to help. Our expert team at Brunt & Fussell has helped hundreds of people, just like you, to find their dream home. Plus, we’ll be with you every step of the way and will be on hand to answer any of your questions.
Register your interest today and let’s take the first step towards your new chapter together.