| Property | One-bedroom flat in a converted house |
|---|---|
| Location | Hackney, London |
| Client | First-time buyer couple, both employed |
| Product | First-time buyers |
The challenge
The couple had saved a 5% deposit while renting in London. High rents had limited their savings, and some 95% lenders' affordability would not stretch to the price of a flat in the area they worked.
What we did
We focused on lenders offering 95% mortgages with income multiples that suited their combined salaries. We checked the lease length and service charge early, as both can affect lending on flats. We also explained that first-time buyer stamp duty relief applied at this price.
The outcome
A 95% mortgage was approved and the couple bought their first home without needing a guarantor.
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.