| Property | Two-bedroom new-build apartment |
|---|---|
| Location | Croydon, London |
| Client | Single first-time buyer, newly qualified solicitor |
| Product | First-time buyers |
The challenge
On a standard 4.5 times income multiple, the client could not borrow enough for a two-bedroom flat near his office. He had a 10% deposit but expected his salary to rise quickly.
What we did
We identified lenders with professional mortgage schemes that may lend higher income multiples to qualified solicitors. We checked the new-build lending limits, as some lenders cap loan to value lower on new-build flats. The developer's incentives were declared correctly on the application.
The outcome
The client was offered a mortgage at around 5.5 times income, at 89% loan to value.
First-time buyer mortgagesClear advice on deposits, borrowing, stamp duty relief and schemes for your first home purchase.
Learn moreImportant: Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice: up to 1% of the loan, typically £500.