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
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