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Over-time included in affordability calculation for first-time buyer purchasing at 95% LTV

Over-time included in affordability calculation for first-time buyer purchasing at 95% LTV

05.09.17 | Written by: Andy McOwat

A recent graduate approached us looking to purchase her first home on the outskirts of Birmingham.

Since graduating the client has worked as a nurse at a local hospital. During this time, the she had managed to save a deposit of £10k.

She approached Mortgages for Business for help, as she was unsure which lenders would accept her income, which is made up from a basic salary, over-time and specialist payments.

We approached a high street bank and explained the situation to the underwriter. The bank requested the latest three months’ payslips to get a true picture of the client’s monthly income.

Happy with the total and frequency of overtime, the following terms were offered:

Property value: £173,500

Loan amount: £164,825

LTV: 95%

Rate: 3.69% 2 Year Fixed

Term: 35 years capital and interest

Mortgage payment:  £703pcm

Lender arrangement fee: £999

Consultant: Andy McOwat, 01625 416396

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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