Guide to Mortgages in Bristol and the Bristol Housing Market
29 July 2021

People are reassessing the Bristol housing market and are looking for new areas to move to. If you are thinking about buying a house in the South West, this guide to mortgages in Bristol will guide you through the process. 

Since the pandemic, more and more people are looking for property in the countryside and in new areas, as the lockdown has been making urban life less appealing. 

The Bristol housing market has increased significantly in value over the years and particularly during lockdown. According to the match house indicator report, house prices in Bristol have had a significant monthly increase of almost £1000. This in tandem with how general property prices have increased by 24% according to the latest government figures. 

When buying a property, whether it’s your first time or you’re an old pro, you will need expert independent mortgage advisors in Bristol, like The Mortgage Depot, to guide you through the often tricky process. 

mortgages in Bristol

These are the main things that you need to know if you are getting ready to find a mortgage advisor to help you find a mortgage in Bristol or its surrounding areas. 

The first step is figuring out where you want to live

To many, this may be the most difficult step in the process as you will need to decide which area of Bristol you wish to make your home. You will need to decide on whether shared ownership or Help To Buy is for you, or how much of a deposit you are willing to put forward and what your overall budget will be. 

It may be a good idea to book a free consultation with The Mortgage Depot if you would like to discuss your options when it comes to getting a mortgage. 

Decide on how much you want to spend on the deposit

After deciding your ideal location, and finding a property in your price range, you will need to decide upon how much you will put down for the deposit.  The Mortgage Depot will be able to provide you with an accurate affordability calculation, to determine what price range will be realistic for your circumstances.  We will also advise on how the size of the deposit, and therefore size of the mortgage, can determine what interest rates will be available to you.

Bristol housing market

Acquire a good credit score

Before the financial crash it was far easier to acquire a mortgage, but these days you will need to prove that you will be able to pay off the house, so a good credit score is needed. There are various ways to gain a good credit score. 

  • When using a credit card, always pay on time.  This is probably the simplest way to increase your credit score. 
  • Don’t fall back on payments like your council tax and your overdraft, this can negatively impact your credit score.
  • Even things like getting on the electoral roll will help your credit score.  

Decide on what type of mortgages in Bristol are right for you

There are a number of different kinds of mortgages out there and it is important to know which one is right for you. There are capital repayment and interest only, offset, fixed rate and variable to name a few. During your discussions with The Mortgage Depot, we can advise you which type would be most suited to your particular needs and circumstances. 

Be aware of additional fees and any hidden costs

When you are assessing the Bristol housing market, it is important to be aware of any potential additional fees that may arise from the purchase. It is essential to factor in such costs when deciding upon a budget. Potential costs may include stamp duty, mortgage advisor fees, valuation fees and solicitor fees.  The Mortgage Depot will provide you with a breakdown of all additional costs you may incur so you have peace of mind in knowing all costs can be covered within your budget.

Ultimately buying a house in Bristol at the moment can be tricky, not just for the intricacies of all the steps we have laid out already, but the increase in house prices, particularly in the countryside around the city has meant that getting a mortgage has never looked more daunting. We at the Mortgage Depot are here to help you and can provide a free consultation. Just get in touch and we can start talking. 

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