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Cab driver uses sales proceeds of house from previous marriage to purchase new home

We were approached by a recently married black cab driver, looking to purchase a home to live in with his wife and young child.

Since the breakdown of his first marriage the client had been renting a flat in South East London, which his new partner – now wife, had later moved in to.

With his former marital home now sold and keen to get back onto the property ladder the client had set his sights on a two-bed house in Sidcup.

The husband wanted to purchase the property in his sole name, using the sales proceeds of a house from his previous marriage as the deposit.

Due to the self-employed nature of a black cab driver, the client had to provide us with two years’ worth of accounts and SA302s to support the mortgage application.

We approached a high-street bank, which we knew would offer the client a competitive rate.

A valuation was instructed the day after the application was submitted, proceeding swiftly to offer within just ten working days!

The offer was accepted, with a monthly mortgage payment of £475pcm - £225 less than the client was currently paying in rent!

Here are the details:

Property Details

Property value: £325,000

Loan amount: £120,000

LTV: 38%

Rate: 1.34% 2 year fixed

Term: 25 years capital and interest

Mortgage payment: £475 pcm

Previous monthly payment: £700 pcm

Lender arrangement fee: £999 added to the loan

Consultant: Gavin Richardson, 01732471613

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

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Mortgages for Business Ltd is authorised and regulated by the Finance Conduct Authority (No. 313537) to transact regulated mortgages. We are a credit broker, not a lender. We work with the whole of market in sourcing a lender for you; we may receive a commission from the lender, and this amount varies between lenders. The FCA does not regulate some investment mortgage contracts. Mortgages for Business Ltd is a founding member of the National Association of Commercial Finance Brokers, the body that promotes best practice within the commercial finance industry. Telephone calls may be monitored or recorded for training purposes.

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