Mortgage Offer in Six Days for First-Time Buyers with Short Employment Record
The Clients: A young professional couple looking to purchase their first home within commuting distance to London.
The Property: A three-bedroom, semi-detached family home located in the South East. As well as being in an ideal location for commuting into London, there were plenty of local amenities for the young couple to enjoy in their spare time.
The Finance: Having spent many years living with their parents in order to save, our clients had a healthy deposit and needed a joint 80% LTV mortgage to secure the purchase.
The Challenge: Despite a sizeable deposit for most first-time buyers, we still faced a challenge to find a lender that would accept their application. The issue was that one of the applicants had only recently graduated and had been in their job for just under three months, with no previous employment history. This meant that, on paper, they would not meet the criteria for many lenders.
The Solution: First, we needed to find a lender that would consider applications on a case by case basis and could therefore be slightly flexible with their lending criteria. Drawing on our knowledge of the industry, we were able to identify one lender that would likely consider our client's circumstances.
We presented a case to the lender, which highlighted that although our client had only just started their career, it was in a skilled profession within the NHS and was, therefore, a secure position. Also, the other applicant had been in the same job for several years, so there was no reason for concern there. As expected, we could demonstrate proof of income for both, which met the lenders affordability requirements.
With the lender happy to proceed, we submitted the application and received a formal mortgage offer within just six working days! Here are the details: