We were approached by a young couple looking to purchase their first home together – a three-bed detached house on the outskirts of Dundee.
The couple who had both been living with their parents had managed to save a deposit of 20%, so were looking for a lender who could provide a loan of at least 80% of the property value.
Both on a low income, working as a junior beauty therapist and a locksmith, the clients were keen to keep monthly repayments down with longer loan term.
We approached one of the high street banks that was happy to accept the clients on a 35 year term and offer 80% loan to value.
Here are the details of the deal:
Property value: £140,000
Loan amount: £112,000
Rate: 2.43% 3 year fixed
Term: 35 years capital and interest
Mortgage payment: £399 pcm
Lender arrangement fee: £995 added to the loan
Consultant: Andy McOwat, 01625 416396