A full-time senior analyst based in London approached us for help in securing a home-buyer mortgage.
Despite not owning his own home, he is an experienced landlord and owns several buy to let properties.
He had made an offer on a 1-bed flat on the 7th floor of a purpose-built block in Essex but only had a deposit of 10%. He was looking to borrow a little over 3.5 times his salary (income from rent not included).
In order to help with affordability, we found a lender that offered repayment terms over 30 years. The client opted for a two year fixed rate.
Here are the details of the deal.
Property value: £249,000
Loan amount: £224,100
Rate: 3.38% 2 years fixed
Term: 30 years capital and interest
Mortgage repayments: £991.36 pcm
Lender arrangement fee: £995 added to loan
Consultant: Andy McOwat
Consultant tel: 01625 416 396