DIP and application completed on same day for first-time buyers

The clients are a married couple looking to purchase their first home. They both work for a multi-national IT company based in London, however the wife had only recently transferred from the Boston, USA office. They had managed to save up c.£25k as a deposit and were looking to purchase a 2-bed terraced cottage in Kent.

There was a slight complication on this case; because the wife is an American citizen she need a visa. Strangely, lenders require there to be two years and six months remaining on a visa, which is exactly how long that visas are valid for. This meant that the Decision in Principle and full application had to be completed, submitted and acknowledged by the lender on the same day.

Fortunately we managed to find a lender which was willing to accept the clients and work to this tight deadline. The application was processed without any hiccups. In fact, the lender made a formal mortgage offer in just seven days and completion took place a couple of weeks later. Here are the details of the deal:

Property value: £285,000

Loan amount: £256,000

LTV: 91%

Rate: 4.4% 2 year fixed

Term: 30 years

Mortgage payment: £1,290 pcm

Lender arrangement fee: £1,495

Completion date: March 2015

Consultant: Gavin Richardson, 01732 471613

1st April 2015