Affordable loan helps first time buyers bridge 'deposit' gap

First time buyers struggling to come up with a deposit for their dream home are being steered toward a new affordable loan scheme devised by the Government and developer Crest Nicholson.

Available at the company’s Harbourside development in Bristol, FirstBuy is a shared equity scheme which enables people to purchase a new property at just 80 per cent of the current price.

Available only on new build properties, funding is provided in part by the Government and Crest Nicholson via a loan with a minimum contribution required from the purchaser of just five per cent.

Crest Nicholson sales and marketing director Susan Young said: “The scheme allows prospective home owners to bridge the ‘deposit gap’ and take their first step towards home ownership.

“FirstBuy has been introduced to help turn people’s dreams into practical, affordable reality. It’s a brilliant way for first time buyers get their first home as buyers only need to find 5% of the purchase price as a deposit which leaves a mortgage of 75 percent. They will then own 100% of the property.”

The FirstBuy scheme is available on selected plots on the current phase at the award-winning development.

The phase, which is called Invicta, comprises 170 one, two and three-bedroom high-end apartments plus a number of one-bedroom studios. Spread over five floors the variety of different styles and property sizes has already attracted a lot of interest from those looking to live next to the city’s historic floating harbour – including first time buyers.

The name for the new phase draws inspiration from Bristol’s link to the city of Porto in Portugal which was also known as Cidade Invicta, or The Unvanquished City.

Once complete Invicta will include an important pedestrian link called Millennium Promenade. Running from the Millennium Square to the Harbour Inlet it will complete the famous Brunel Mile and incorporate a rich ecological landscape with views across to the ss Great Britain.

A few minutes walk from Park Street and Queen Square, those wanting to get to Temple Meads or can hop on the water ferry which has a designated stop outside the development.

The centre is only a few minutes walk away and there are numerous restaurants and bars close by.

Susan Young said: “Invicta offers a wide variety of property styles that are on the waterfront and right in the city-centre, ideal for couples looking to move closer not only to their workplace but also all their leisure and entertainment facilities.

“The addition of the First Buy scheme makes the development even more attractive for prospective buyers wanting the best that Bristol has to offer.”

Located on Cathedral Walk just off Anchor Road, Invicta is spread over five floors and the new marketing suite is open every day from 10am to 5pm.

Prices at Invicta, the latest phase of the Harbourside development, start at £160,000.

For further information visit harbourside.co.uk.