First time Buyers of their Main Residence

2.10.2006

A couple were looking to buy their first property together and their offer of £195,000 had been accepted so they needed to get everything arranged quickly. They were currently renting and had no deposit to put down. Coupled with this they both had bank loans and one applicant had a residential mortgage on a house where his ex partner, and dependant daughter were living, so this was not going to be paid off. Both applicants were guaranteed pay rises within the year, and one of the applicants had a second job. By dealing direct with the Lenders underwriter we were able to convince them to accept income from the second job, and also take into account one of the guaranteed pay rises, before it happened (the other was too far away). The lender was also satisfied that the current residential mortgage was not going to be redeemed. We were successful in arranging the full purchase price of £195,000 - a 100% advance on standard terms. Having stressed the urgency to the Lender, a formal written offer was issued within 10 days.

Back to Case Studies