My clients wanted to buy their first home together. Whilst they enjoyed high levels of income, high rental costs had meant they were unable to save a large deposit and had just 5% available.
They had found a new-build property they wanted to buy and, under the Help to Buy scheme, were able to purchase this with their low deposit. The good news is that as their mortgage was 75% LTV they were able to get a really competitive rate.
Here are the details of the deal:
Property value: £345,000
Loan amount: £258,750
Rate: 2.64% fixed for 2 years
Deposit: 5% from borrower - £4,313
20% equity loan from Government - £81,937
Term: 25 years repayment
Lender arrangement fee: £999
Completion date: February 2014
This is just one example of how I've helped a client secure a residential mortgage. To see more of my case studies please visit my profile page. And if you have any funding requirements, please do not hesitate to contact me. My direct line and email address can be found below.