Fast mortgage offer, from Friday submission to Monday offer for new build purchase

Purchase of £600,000 new build property with 15% deposit despite residency complications

Borrowing of 5 x multiple achieved on single income

Our client

Our clients were existing mortgage holders looking to move to a new home.

Prior to this new mortgage application Paul Asare had previously arranged a remortgage for these clients to a penalty free variable deal to enable them borrow in the future without facing penalties from the current lender.

The husband of the couple had also recently changed jobs and wanted to borrow the maximum possible (5x multiple of his income).

 What they needed

 The clients were looking to purchase a 4 bedroom detached house in Milton Keynes. This was a new-build property, so the clients needed to ensure that any new or existing lender was satisfied to lend based on the clients’ deposit level. Lenders will often specify a minimum 25% deposit for a new build property. The property was selling for £600,000 and the client had £90,000 as deposit (15%).

What was the challenge

The challenge was to find a way to enable the client to borrow the maximum £510,000 needed, based on the husband’s £105,000 salary.

His spouse was a homemaker and although resident in the UK did not have indefinite leave to remain in the country, a situation which would normally require a 25% deposit from most lenders.

How we provided the solution

Paul Asare, Associate, researched the mortgage market and was able to find a lender who would consider their overall circumstances as a family, and lend the maximum amount needed with a 15% deposit, even though one member of the couple was living in the UK on a visa.

The application was submitted on a Friday and by the next Monday, after the valuation was carried out, the offer was ready before close of business.

The clients were delighted.

Interest rate

The interest rate was 2.43%