Read on to find out how our first-time homebuyers navigated the property market with our expert guidance and support, allowing them to secure a competitive 5-year fixed rate and complete the purchase in just 7 weeks.
At a glance:
- First-time buyers ready to take their first steps on the property ladder
- A 2-bedroom mid-terrace house
- Since this was their first purchase, our clients had several questions and concerns
The Case:
Two young first-time buyers approached us for help and guidance in their first home purchase. They wanted to buy a 2-bedroom mid-terrace property in the South of England and had saved up a substantial 14% deposit between them. We were confident this would be a straightforward case to place.
However, since this was their first home purchase, our clients were unsure of the process. We knew we’d need to take some time to address their questions and concerns to ensure their confidence in their home purchase decisions.
The Challenge:
To help our clients feel more confident about the home purchasing process, we invited our clients into the office to chat through everything face-to-face.
This was a highly beneficial meeting, as our clients asked plenty of questions about mortgage repayment types, the mortgage rates they could access, and their next steps. We then went through a few mortgage illustrations to give them a clear idea of how much they would repay monthly and the terms and conditions of their mortgage. They left feeling reassured and much more confident in what they were applying for.
To help keep their monthly repayments down, our clients opted for a slightly longer mortgage term and decided on a 5-year fixed rate for more stability. We secured their mortgage offer in just 12 working days and supported them from submission to completion, with the whole application taking just 7 weeks to complete.
The Finance:
Property value: £255,000
Loan amount: £220,000
LTV: 86%
Rate: 5.32% 5-year fixed*
Term: 35 years, capital and interest
Monthly mortgage payment: £1,156
Lender arrangement fee: None
*Rate as at November 2023
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