Mortgage of 4.75 times salary for first time buyer

We were approached by recruitment consultant looking for a mortgage to buy a family home. Having rented in South East London for several years, he and his wife were hoping to purchase a 4-bed semi in North Kent.

Despite having been given a large deposit by the wife’s father, the couple still needed a bank that would lend them 4.75 times the husband’s salary in order to achieve at loan of 73% of the value of the property. (The majority of lenders will go to 4.5 times salary).

We presented the couple with several options and they chose a two year fixed rate mortgage to protect them against rate rises in the near future.

A valuation was duly carried out and we helped the clients collate all supporting documents that were needed to submit the full application including a declaration from the wife’s father confirming that the deposit was a gift.

The couple received their formal mortgage offer twelve days later.

Here are the details:

Property value: £462,500

Loan amount: £338,840

LTV: 73%

Rate: 1.39% fixed for 2 years

Term: 25 years, capital and interest

Mortgage payment: £ 1,341 pcm

Lender arrangement fee: £999

Consultant: Gavin Richardson01732 471 613


ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

 

This is just one example of how we have helped secure finance for a client, if you have a similar scenario or something you'd like us to look at please get in contact with us on 0345 345 6788 or contact me directly at gavinr@mortgagesforbusiness.co.uk.

 

Consultant