We were approached by a client looking to purchase a new home in Wales after recently finalising a divorce with her now ex-husband.
The client was looking for finance to purchase a three-bed semi-detached property in need of slight refurbishment, whilst also raising enough to pay off her credit card debt of £20k.
Recently divorced with two children, the client needed a lender which would take additional income into consideration from child maintenance and benefits if she was to qualify for the loan amount required.
An added complication was that the client had recently changed jobs and had only been with her employer for just over a month.
Before looking at other lenders we decided to approach the client’s main bank and explained the situation. The bank looked at the deal and agreed to offer her a competitive 5 year fixed rate, which would allow her to keep her payments stable.
Property value: £130,000
Loan amount: £50,000
Rate: 2.29% 5 Year Fixed
Term: 20 years capital & interest
Lender arrangement fee: Nil
Mortgage payment: £259 pcm
20th June 2017