First-time buyer with a default on his credit profile purchases London flat

We were approached by a first-time buyer looking to purchase his first home – a one-bed flat in North London.

The client is in full-time employment within the finance industry and has worked for the same company since graduating from university five years ago.

There was a slight challenge with the deal as the client has a default on his credit profile from missing a direct debit whilst travelling - this was settled over three years ago.

We explained the situation to a high street bank and happy with the client’s income and stable job the following terms were offered.

Property value: £195,000

Loan amount: £155,000

LTV: 80%

Rate: 1.64% 3 year fixed

Term: 35 years capital & interest

Lender arrangement fee: £995 added to loan

Mortgage payment: £487.94 pcm

Consultant: Karen Ash, 01732 471660

This is just one example of how we have helped secure finance for a client. If you have a similar scenario or something you'd like us to look at please get in contact with us on 0345 345 6788 or contact me directly at karena@mortgagesforbusiness.co.uk.

ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

4th January 2017