We were approached by a prospective first-time buyer who was having issues securing a residential mortgage to purchase their very first property. The client was employed as a chef on an hourly rate whose working hours varied frequently. He approached Specialist Mortgages to see if we could assist him in securing his first home.
A lot of lenders are not comfortable with fluctuating working hours so this was the immediate challenge that we would have to overcome to secure the funds for the client.
We engaged with a number of lenders, both mainstream and specialised, to gain a better of understanding on who the best option for our client would be.
After some dialogue with one of the mainstream retail banks, we were able to reach an agreement in principle based on the client’s background and income. The proposed deal would see the client secure an 80% residential mortgage at a market leading rate of 2.39%.
Our key focus for this case was convincing the lender that the client’s income was sufficient to meet the mortgage. This was done by gaining a comprehensive understanding of our client’s background including their income, wealth and the structure of their employment.
We also had to consider the fact that the applicant had little to no credit and was also receiving a gifted deposit from their parents.
Once all this information was presented clearly to the lender, they were comfortable with all aspects of the deal before reaching an agreement and completing the application.
“We were delighted to secure a market leading rate for our client and he is overjoyed at having been able to purchase his first home.”
Once we had completed the application the lender was able to instruct the valuation and produce an offer within 14 days leaving us extremely satisfied with the timescales.
Additionally, the client was overjoyed at having secured their first mortgage after having been rejected by a number of lenders previously. He has now completed the purchase of his first home and is looking forward to the future.
