We were approached by a full time project manager who, at 35 years old, was looking for a mortgage to purchase her first home. She had been living with her parents and had managed to save a 15% deposit.
She was hoping to buy a 1-bed new build flat in Cambridge, close to her job but was having difficulties finding a lender because many don’t accept new build flats unless the borrower can provide a deposit of at least 20-25%.
Fortunately we were able to source a lender, which can only be accessed via intermediaries, that was willing to help and which offered a very competitive rate.
We submitted the client’s application on Monday 18th January and by the Friday the offer was issued. Here are the details:
Property value: £345,000
Loan amount: £293,250
LTV: 85%
Rate: 1.99% 2 year tracker
Term: 30 years capital and interest
Lender arrangement fee: £995
Mortgage payment: £1,086 pcm
Consultant: Jeni Browne, 01732 471647
