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E-mail: dave@mmsonline.co.uk
Case Study
D&S were looking to buy their first home together. They had a deposit of £12,000 but wished to buy a new build property for £179,000. We worked with them to establish with a lender that their affordability was sufficient to meet monthly payments long term and to investigate their eligibility for the governments ‘Help to Buy’ scheme. Using the governments 5-year interest free 20% equity loan together with a 5% deposit of their own, we secured a 5 year fixed interest rate mortgage at 3.65% allowing them to budget for the early years of their mortgage that got them into a substantial new property as their first home.
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Taking the plunge and buying a first home is more than likely the biggest financial undertaking a client will have made. It can be a bewildering process to comprehend lenders affordability tests, credit scoring and the implications of choosing an interest rate and mortgage term. It’s important to get it right and we specialise in helping first time buyers through every stage of the process, from demonstrating affordability in a way that is acceptable to the lender, picking the right term to fix your payments, choosing the right survey report and accessing specialist schemes such as the governments ‘Help to Buy’. Your mortgage adviser will work with you every step of the way to ensure that you understand the process, are comfortable with financial and legal processes in place and putting suitable insurance in place to meet both your own and lenders requirements.