90% LTV borrowing secured for First Time Buyers

Lender accepted significant overtime and allowances income

£450,000 property with borrowing of £405,000

Our client

Our clients were a First Time Buyer couple, with a relatively small deposit of 10%.

What was needed

The clients wanted to purchase their first property with a value of £450,000 at 90% LTV borrowing. Since the onset of Covid, the smaller deposit mortgage market has declined, which always hits First Time Buyers hardest.

What was the challenge

The client couple had earnings with relatively high overtime and allowance payments. This meant a lender needed to be found that would take account of this type of variable income and lend at 90% LTV borrowing to first time buyers.

How we provided the solution

Joanna Ziou, Associate, took on the couple’s case and determined their mortgage goals. Joanna researched and assessed possible lenders until she identified one that would be appropriate for these small-deposit first time buyers.

The clients were delighted with the outcome as their successful mortgage application enabled them to buy their first home together.

What was the rate

The interest rate was 2.99%