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 value: £325,000
Loan amount: £120,000
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
14th March 2017