First-time buyer purchases home after just 2 months in current job

We were approached by a first time buyer who wished to purchase a two-bed flat in London.

Finding a suitable mortgage proved challenging because most lenders prefer employed borrowers to have been in the role for a least three months.

However, there are a few which are will to consider these applications and because in this case, the client had a large deposit, a good credit record and a consistent previous employment record, we found a high street lender willing to provide a mortgage at a competitive rate.

Here are the details:

Property value: £402,000

Loan amount: £237,000

LTV: 60%

Rate: 1.45% 2 year fixed

Term: 25 years capital and interest

Mortgage payment: £1,138 pcm

Lender arrangement fee: £995

Consultant: Andy McOwat 

Consultant tel: 01625 416396 

28th October 2015