Recently employed couple with irregular income purchase first home

Recently employed couple with irregular income purchase first home

06.12.17 | Written by: Pete Coombes

We were approached by a couple looking to purchase their first home – a three-bed terraced house in Medway.

The couple moved to the UK just over five years ago and have been working within the catering industry ever since. Whilst working in the UK, the couple saved up a deposit of £25,000.

There were a few challenges with this case, which restricted the number of finance options available:


1. Only one of the applicants holds a British passport
2. Both applicants had changed jobs within the past three months
3. Both applicants have irregular income due to their nature of work, shifts vary week on week


We knew we could help, but needed to find a lender which doesn’t require an extensive minimum employment history. We approached a high-street bank which only requests the most recent months’ pay slip. This particular lender is also happy to accept foreign nationals, as long as they have a permanent right to reside.

Happy that the couple would be able to keep up with repayments, the following terms were offered. The deal completed within three months of submitting the application. The couple are now happily ensconced in their first home. Here are the details of the mortgage:

Property value: £220,000

Loan amount: £195,000

LTV: 89%

Rate: 2.54% 2 year fixed rate

Term: 25 years capital and interest

Lender arrangement fee: Nil

Mortgage payment: £877 pcm

Consultant: Pete Coombes, 01732 471668

Looking to buy your first home? Call me today on the number above or speak to the residential team on 0345 345 6788

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