New financial help for first-time house buyers in Bristol

Release Date:  26-Oct-2009

New financial help for first-time house buyers is being made available through Bristol City Council in partnership with Wessex Home Improvement Loans.

The aim of the move is to provide help for renovating properties to people who are seeking to get on the first step of the property ladder.

This new financial assistance has been introduced to complement an existing range of help available for owner-occupiers needing essential repairs.

The loan term has an optional interest only period for up to two years, which means that the initial cost of the loan is very low, to assist with affordability in the early years, followed by a 13-year capital repayment period.

The cost of the loan will depend on the amount borrowed and the length of the repayment period. The other advantage of the loan compared to commercial loans is that borrowers will always know how much they will have to repay.

Councillor Mark Wright, Cabinet Member for Housing and Service Improvement, said: “The launch of a new low-cost loan is great news for first-time buyers in Bristol who are struggling to buy in the current housing market.

“It’s a fact that the most affordable homes for first-time buyers are also the ones most in need of repair and renovation. This new loan will offer flexible and affordable help in meeting the costs of repair and improvement work.

“It will also help meet our aim of improving private housing conditions and ensuring that all houses meet the Government’s Decent Homes Standard.”

For further information or to make an application for a first-time buyers loan or financial assistance for other essential maintenance and improvement, please contact Bristol City Council’s Neighbourhoods directorate on 0117 353 3871.
 

Author:  Peter Wood, Media and PR Officer, 0117 922 2651

For all media enquiries relating to this press release, please contact Corporate Communications on 0117 922 2650.

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