Top tips for first time buyers in Bristol
Find a dream house. Agree a price. Shake hands. Pick up the keys. Move in. Wouldn’t it be great if buying a house was this simple? Unfortunately, Redrow know that it’s a little more complicated than this, especially for first time buyers.
In his Autumn Statement, the Chancellor George Osborne didn’t mention anything about the limited availability of mortgages, which is still the main hurdle for first time buyers. With rents in most cities exceeding the cost of paying a mortgage, the difficulties for ‘Generation Rent’ are mounting.
Redrow recommends that all first time buyers follow their top tips when purchasing their first property:
Save a deposit and get the best mortgage available (Redrow’s FirstBuy details below)
Source a trusted Solicitor and Surveyor
Allow budget for the stamp duty
Don’t forget about moving costs!
Set money aside to kit out the new home
Remember home/contents/buildings insurance
Redrow is encouraging young people and families in the Bristol area, that are locked out of the housing market, to consider FirstBuy which is available on properties at Pinnacle.
Located close to Bristol City Centre, the M32, M4 and M5, Pinnacle offers convenient commuter routes and access to numerous amenities and leisure facilities. First time buyers will be itching to get their hands on one of the properties available at Pinnacle which range from £150,995 to £155,995.
FirstBuy is a new Government-backed initiative to help first time buyers onto the property ladder. Redrow and the Government can provide a 20% equity loan, interest free for five years, which means homebuyers might only need to save a 4% deposit and secure a 76% mortgage - yet still own 100% of a brand new, dream home. For example, to purchase a Redrow home for £150,000 homebuyers may only need a deposit of £6,000 and secure a smaller mortgage of £114,000. The remainder of the purchase price is covered by the shared equity loan from Redrow and the Government.
Andrew Addison, sales director for Redrow (South West), said: “We want to reassure first time buyers who are losing hope of ever owning their own home that it is possible and we can help! There’s no doubt about it, buying a new home is an extremely exciting time, but without the right support and assistance, it can end up being one of the most stressful too, especially for first time buyers. From the moment you put down your deposit on your new Redrow home, to picking up your shiny new set of keys and beyond, we are here to help guide you and make sure the whole process is as straightforward and stress-free as possible.
“We understand that to young people and families, security is important and they don’t want to worry about the lease coming to an end. They also want to be paying off their own mortgage, not paying off the mortgage of a landlord. With a smaller deposit and much lower monthly mortgage repayments, FirstBuy makes your first steps on the property ladder possible. Qualification is easy as long as you are a first time buyer or returning buyer who cannot afford to buy on the open market with a household income of under £60,000 per annum. Your interest free loan is risk free too, if you sold after five years, you only pay back 20% of the sale price e.g. £30,000 on a sale of £160,000.
“This scheme has proved very popular so far, however because funds are limited we encourage homebuyers who are interested in FirstBuy to register today and we’ll make sure you’re the first to know all the details.”
Pinnacle at Aurora Spring is one of the hamlets that make up Cheswick Village. In developing Cheswick Village, Redrow has created a unique concept in village living that places the community at its heart. This extraordinary development has its very own village centre including a high street, school, pub, restaurant, surgery and pharmacy. It is bordered by woodlands and open fields which mean residents can enjoy relaxing village life, with all of the amenities one might need right on the doorstep, yet within five miles there is the buzz and excitement of city living to revel in.
For more information about Pinnacle, visit redrow.co.uk.
