We were approached by longstanding clients, a married couple, to help them find a home-buyer mortgage to buy a four-bed house with large garden in Nottinghamshire.
Both husband and wife work full-time in the medical sector and have saved a deposit of 20% of the purchase price. They also own three buy to let properties.
This scenario meant we needed to approach a lender that would not include the buy to let property in the affordability calculation, as this would have reduced the amount the couple could borrow.
We discussed a number of possible options and the clients chose the following deal from a popular lender.
Property value: £500,000
Loan amount: £400,000
Rate: 2.04% 3 year fixed
Term: 25 years capital and interest
Lender arrangement fee: £995
Mortgage payment: £1,707 pcm
Consultant: Andy McOwat, 01625 416396
ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
27th September 2016