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Free valuation, £500 cash back and 1 month turnaround for first-time buyer

Free valuation, £500 cash back and 1 month turnaround for first-time buyer

20.02.18 | Written by: Pete Coombes

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

LTV: 77%

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: Pete Coombes, 01732 471668

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

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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