Help to buy your first home for less in Bristol

First time buyers could own a two-bedroom apartment in a prime Bristol location for less than £112,000 with the help of a Government-backed scheme.

FirstBuy is available at Elan Homes’ Mortimer Gardens venture in the Stoke Gifford area, enabling eligible buyers the chance to initially save 20% off the price of selected homes.

It means that first time buyers may only need to pay £111,996 up front to purchase a two-bedroom apartment instead of the full market value of £139,995.

Beverley Rickard, sales manager for Elan Homes, explains: “The average age of a first time buyer is continuing to rise and while many young people would love to own their own home they fear that it’s beyond their reach because of strict lender requirements and the need for large cash deposits. Thanks to FirstBuy they could find that they are able to buy a home of their own much sooner than they realised, at a price they can afford and without tens of thousands in the bank.”

With FirstBuy, a deposit of around £5,600 could be enough to purchase a property at Mortimer Gardens.

The deferred 20% of the price is covered by an equity loan co-funded by Elan Homes and the Homes & Communities Agency. It’s interest free for the first five years and can be repaid when the customer has more funds available or when they re-sell their home.

“FirstBuy offers a stepping stone to buyers wanting to achieve their dream of homeownership and means they can purchase a home that’s stylish and equipped to meet the demands of modern living at an affordable price,” Beverley added.

The development is close to Bristol city centre with its blend of modern shopping and maritime history, arts and culture, but the private neighbourhood feels a world away from city life. A bustling high street will eventually run through the centre of Mortimer Gardens so residents can look forward to having a host of shops and amenities on their doorstep.

In addition to the apartments, Elan has a selection of four-bedroom homes available at Mortimer Gardens with prices from £249,950.

For more information visit the sales office off Long Down Avenue, or log onto elan-homes.co.uk.