First-time buyer away on business secures mortgage offer within 1 month

The client: A young accountant looking to purchase her first home after years of renting. With a busy work life, she didn’t have the time to focus on finding the best mortgage so came to us for help.

The property: A 3-bed, semi-detached house in sought after commuter village in Surrey.

The finance: The client’s deposit was made up of personal savings and a cash gift from her parents, the total equated to just over 25% of the purchase price.

The application process: As the client was away on business, we carried out all correspondence via email. We worked with the client to complete the application form and collate the supporting documentation, which included three months' bank statements, proof of address and proof of identity.
Happy with her income and history of reliable rental payments, our chosen lender presented us with an offer within one month of submitting the application.

Here are the details of the deal:

Property Details

Property Value: £385,000

Loan Amount: £280,000

LTV: 73%

Rate: 1.79% 5 year fixed mortgage

APRC: 3.7%

Term: 25 years capital & interest

Lender arrangement fee: £1,499 added to loan amount

Mortgage payment: £1,158 pcm

Consultant Mortgage Adviser: Charlie London

3rd April 2018