Cab driver uses sales proceeds of house from previous marriage to purchase new home

Cab driver uses sales proceeds of house from previous marriage to purchase new home

14.03.17 | Written by: Gavin Richardson

We were approached by a recently married black cab driver, looking to purchase a home to live in with his wife and young child.

Since the breakdown of his first marriage the client had been renting a flat in South East London, which his new partner – now wife, had later moved in to.

With his former marital home now sold and keen to get back onto the property ladder the client had set his sights on a two-bed house in Sidcup.

The husband wanted to purchase the property in his sole name, using the sales proceeds of a house from his previous marriage as the deposit.

Due to the self-employed nature of a black cab driver, the client had to provide us with two years’ worth of accounts and SA302s to support the mortgage application.

We approached a high-street bank, which we knew would offer the client a competitive rate.

A valuation was instructed the day after the application was submitted, proceeding swiftly to offer within just ten working days!

The offer was accepted, with a monthly mortgage payment of £475pcm - £225 less than the client was currently paying in rent!

Here are the details:

Property value: £325,000

Loan amount: £120,000

LTV: 38%

Rate: 1.34% 2 year fixed

Term: 25 years capital and interest

Mortgage payment: £475 pcm

Previous monthly payment: £700 pcm

Lender arrangement fee: £999 added to the loan

Consultant: Gavin Richardson, 01732471613

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