We were approached by a newly married couple looking to purchase their first home. The wife is a self-employed beautician and the husband a self-employed gas engineer.
They were looking to purchase a three-bed terraced house in Cheshire. Between them, the couple had managed to save £50k but were hoping to use £40k as the deposit and hold back £10k for home improvements.
In particular, they asked us to find a lender which would consider just their most recent years’ accounts when calculating their maximum loan amount, as this period had been much more profitable.
We took the case to a specialist lender and discussed the situation with the underwriter. Happy that both husband and wife were a good risk, the following terms were offered:
Property value: £400,000
Loan amount: £360,000
Rate: 2.25% 2 year fixed
Term: 25 years capital and interest
Lender arrangement fee: £999 added to loan
Mortgage payment: £1,242 pcm
Consultant: Erin Gallacher, 01625 416392
8th August 2017