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Schemes That Help to Buy in Bristol

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Schemes That Help to Buy in Bristol

Discuss your options for a Help to Buy mortgage with an expert mortgage advisor in Bristol today.

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How Mortgage Schemes in Bristol Can Help to Buy a Home

The home buying process can be a little daunting, especially if you’re a first time buyer in Bristol who are in need of some help from a mortgage advisor in Bristol. As you could expect with such a large financial commitment, sometimes things can crop up along the way. These can include higher property prices, limited income, needing to put down a bigger deposit, struggles to match up with criteria and more.

The good aspect of using a mortgage scheme, there are some schemes that help lower earners, to support from housing associations and councils, amd there could very much be options out there that can help you achieve your goals.

It is very important to understand that not every scheme will apply to every situation. Some schemes are more aimed at first time buyers and home movers in Bristol, for more information book your free mortgage appointment with one of our mortgage advisors in Bristol today to find out more.

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Schemes That Help to Buy in Bristol

Useful Mortgage Schemes That Help to Buy in Bristol

If you are looking into whether or not you are eligible for any mortgage schemes prior to applying for a mortgage, it’s best to get in touch with a trusted mortgage broker in Bristol to check eligibility.

These are the types of schemes you may know by name, whilst others you may not be aware of. Some of these include the Lifetime ISA, first homes scheme and forces help to buy, to name just a few.

Our team of knowledgeable mortgage advisors in Bristol will provide tailored advice by recommending to you the next steps to take that will benefit your financial situation. Along with this, we will match you up to a range of different lenders’ criteria to see where you match up. Carrying out these tasks can increase your chances of mortgage success and help you towards achieving your mortgage goals.

What is a Help to Buy in Bristol?

Help to Buy was introduced in the 2010’s, off the back of the UK government’ previous FirstBuy Scheme. With a series of pre-existing and new schemes placed under that banner, it was designed to help first time buyers get onto the property ladder.

Over the years we have seen schemes under this banner disappear, whilst others have carried on without that branding. The most popular and well-known of these was the Help to Buy Equity Loan Scheme, which was closed to new applicants towards the end of 2022.

What this means is that first time buyers are no longer able to use a Help to Buy in Bristol or anywhere in the UK, though this doesn’t necessarily mean that support for home buyers has ended. There are still a variety of schemes that can help to buy in Bristol!

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Common FAQs for Help to Buy in Bristol

How mortgage schemes can help me buy a home?

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These can include higher property prices, limited income, needing to put down a bigger deposit, struggles to match up with criteria and more. The good aspect of using a mortgage scheme, is that they can potentially help to make home ownership more attainable and can help to reduce a lot of these problems. From schemes that help lower earners, to support from housing associations and councils, there’s no need to be worried as there could very much be options out there that can help you achieve your goals.

What useful home buying schemes are available in Bristol?

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Current available for home buyers are the Shared Ownership Scheme, available to first time buyers & home movers in Bristol, as well the Right to Buy & Right to Acquire Schemes, which helps local authority tenants to purchase their homes.

These are the types of schemes you may know by name, whilst others you may not be aware of. Some of these include the Lifetime ISA, first homes scheme and forces help to buy, to name just a few. Again, these all have their own eligibility requirements and criteria to meet, for you to apply for them.

Even if you do meet the requirements, it doesn’t necessarily mean it’s right for your situation either. That is where a dedicated mortgage advisor in Bristol can come in. It is their job to look at your case and see what options you have available to you. In some cases, the route you thought was appropriate initially, may not be the best route for you to take overall.

By booking in your free mortgage appointment with a mortgage broker in Bristol, you’ll find out about all the possible schemes or alternatives, that could help to buy in Bristol as a first time buyer or home mover.

Why use a mortgage broker in Bristol?

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With a dedicated Mortgage Advisor in Bristol by your side, you will be guided through the mortgage journey being supported every step of the way. They will be there to help you overcome any hurdles that may occur and strives in relieving the stress of the mortgage process. Our team at Bristolmoneyman always provide open and honest Mortgage Advice in Bristol.

Our team will be there to provide you with the guidance and support you need throughout your mortgage journey. We will keep you informed throughout explaining what’s going on and keeping technical jargon to a minimum. Furthermore, we will be on hand to answer any of your mortgage questions.

Customers are at the heart of Bristolmoneyman. Our team prides itself on providing a service that supports you throughout the process and goes above and beyond the mortgage.

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Our Simple Mortgage Process

Free 30 Minute Mortgage Appointment

Step 1

During your appointment, your mortgage advisor will conduct a review of your income and expenses to calculate your mortgage affordability and determine your eligibility for a Help to Buy Scheme in Bristol.

We Can Search 1000’s of Mortgage Deals

Step 2

Our team will search for your best mortgage option amongst 1000s of different products to find the one that best fits your needs. We will assist you in obtaining a mortgage agreement in principle, which can serve as valuable proof of your mortgage pre-approval when making offers on properties.

Submit Your Buy to Let Application

Step 3

Once your offer is accepted, our team will submit your complete mortgage application and required supporting documents to the lender. Throughout the process, your dedicated case manager will keep you informed of progress and ensure timely communication of the formal mortgage offer, completion, and any post-completion matters.

Protecting You and Your Mortgage

Step 4

As a landlord, whether new or experienced, it is crucial to have the proper insurances in place to protect you and your family’s future. Our team will also reach out to you when your buy to let mortgage is up for remortgage to ensure you are on the best deal for your circumstances.

Reasons To Choose Us

20+ Years of Experience

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With over 20 years of intensive experience within the mortgage industry, we have dealt with a plethora of customers with a range of situations as their trusted mortgage broker in Bristol. The overall goal we aim for at Bristolmoneyman is to provide an open and honest service that supports customers towards their home-owning dreams.

Holding Your Hand Through the Entire Process

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As soon as you and the property you are looking at are matched up with the appropriate criteria for a Help to Buy in Bristol, we are able to go through the paperwork with you and contact external parties if necessary. Our team can help with surveyors or solicitors, pointing you in the right direction.

Our Reviews

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Check out our amazing customer reviews to get further insight on how we have helped many people on their mortgage journeys. You will also see why lots of home buyers approach us when they take out a mortgage using the Help to Buy Scheme.

Book Online

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Being a reputable mortgage broker in Bristol that strives in providing fast & friendly mortgage advice in Bristol, we are here to give a helping hand to customers looking to get Help to Buy in Bristol.

Speak to us for expert mortgage advice in Bristol by simply booking yourself in for a free mortgage appointment.

Stress-Free Process

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As part of our tailored service, our team of mortgage advisors in Bristol will look into your personal and financial situation and recommend you the most appropriate mortgage product for you.

When you are going through Help to Buy in Bristol process, our goal is to make the journey as stress-free as possible as well as keep you updated.

Malcolm and Amy Davidson - Mortgage Advice in Bristol

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Common Mortgage Scenarios in Bristol

What is shared ownership?

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The Shared Ownership Scheme has been around since the 1980’s and has provided a helping hand to first time buyers and home movers alike, in their goals to get onto or further along the property ladder.

Often referred to as “part buy, part rent”, Shared Ownership in Bristol allows for you to purchase a share in the property, typically 25-75%, though this can be less depending on the mortgage lender, with the remaining amount being paid as a rental charge.

This is a flexible and stable option for home buyers that can make homeowning more affordable, with the potential to “staircase” later; purchase additional shares in the property, up to full ownership. Shared ownership is only available on specific purpose-built properties.

What is a Lifetime ISA?

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Another thing you may have heard of is a Lifetime ISA, sometimes shortened to LISA. An ISA is an individual savings account and exists to help people save for long-term goals, such as to purchase their first home in Bristol.

The big benefit to a Lifetime ISA, is that the government will provide a top-up to your contributions of 25%, up to a particular figure per year, with there also being a maximum on your contributions.

That means if you managed to contribute £2,000 in a year, the government would give you an additional £500 in that savings account! There are certain eligibility criteria, such as the age bracket being 18-39 for setting one up, as well as it only being able to be used for a home purchase or for retirement (though it can’t be withdrawn until you are a set age).

All in all, it can be a great way for people to contribute towards their home owning future over time.

Are 5% mortgages still available?

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Yes, it is still possible for home buyers to put down a 5% deposit on a property and be accepted by a mortgage lender, providing they are creditworthy and meet the mortgage lenders’ criteria.
There have been periods of time where mortgage lenders were perhaps hesitant to offer such high loan to values, which led to the introduction of mortgage schemes that could encourage mortgage lenders to offer 95% mortgages, with a safety net in place.
In some niche cases, there is still a need for these schemes. Nowadays though, we find that most mortgage lenders are willing to accept applicants who have a 5% deposit, though generally it is more beneficial for both the mortgage lender and the applicant, if the deposit is slightly higher.

Additionally, if you have a poor credit history or lower income, you may be required to put down a higher deposit of perhaps 15-20%, before you will be accepted for a mortgage.

Of course, saving for a deposit in general, especially anything above 5%, can be a challenge for prospective home buyers, which is why schemes to encourage 95% mortgages were introduced to encourage the minimum.

Your mortgage advisor in Bristol will be able to look at your financial situation, to find an appropriate mortgage lender that can help to buy in Bristol, even with a smaller deposit. If a scheme would be beneficial for you, they will be transparent and let you know.

Free Mortgage Guides & Bristolmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

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