The client: A single mother currently living in rented accommodation, looking to purchase her first home. As well as looking after her young son, the client is in full-time employment as an analyst.
The property: The mother of one had set her sights on a two-bed terraced house in Leicester, a five minute walk from her current residence.
The finance: The client had been gifted a deposit from her parents in Portugal. Because of this, we needed to source finance from a lender which would be willing to accept gifted deposits from overseas.
Keen to keep the upfront costs down, the client had requested we approach a lender which allows the arrangement fee to be added to the overall loan amount.
We took the case to an intermediary only lender which offered our client a competitive five-year fixed rate with some added benefits…
A free valuation, £500 cash back and a flat arrangement fee of £749, which could be added to the loan amount.
We worked closely with the client, the lender and the legal team to get the mortgage offered as quickly as possible. As a result the entire deal from offer to completion within a month.
Property value: £130,000
Loan amount: £100,000
Rate: 2.14% (3.5% APRC) 5-year fixed rate
Term: 16 years capital and interest repayment mortgage
Mortgage payment: £621pcm
Lender arrangement fee: £995
Consultant mortgage adviser: Ashley Jones, 01732 471694 or 07853829939
20th February 2018