First-time buyers purchase three-bed home in Scotland at 80% LTV

We were approached by a young couple looking to purchase their first home together – a three-bed detached house on the outskirts of Dundee.

The couple who had both been living with their parents had managed to save a deposit of 20%, so were looking for a lender who could provide a loan of at least 80% of the property value.

Both on a low income, working as a junior beauty therapist and a locksmith, the clients were keen to keep monthly repayments down with longer loan term.

We approached one of the high street banks that was happy to accept the clients on a 35 year term and offer 80% loan to value.

Here are the details of the deal:

Property value: £140,000

Loan amount: £112,000

LTV: 80%

Rate: 2.43% 3 year fixed

Term: 35 years capital and interest

Mortgage payment: £399 pcm

Lender arrangement fee: £995 added to the loan

Consultant: Andy McOwat, 01625 416396