First-time Homebuyers Daniel & Nina

Background:

Daniel and Nina, a couple with a dream of homeownership, faced the challenge of navigating the mortgage market on a combined income of £65,000. With a £25,000 deposit and an additional £15,000 gift from their parents, they set their sights on a £425,000 property.

Challenges:

1. Affordability:

The couple’s borrowing capacity, based on standard income multiples, fell short by £65,000, and they were keen to maintain their lifestyle without overburdening their budget with mortgage payments.

2. Navigating the Home-Buying Process:

Daniel and Nina were at a loss on how to proceed with the property purchase, requiring guidance on choosing a mortgage and managing interactions with estate agents and solicitors.

Solutions:

1. Personalised Assessment:

A flexible lending approach was adopted after a thorough review of the couple’s financial situation, including income, expenses, and credit history, to identify the most suitable mortgage option.

2. Tailored Advice:

A lender offering a higher income multiple was recommended, enabling a loan of £382,500—90% of the home’s value. A longer mortgage term with a fixed rate was also suggested to ensure manageable and predictable payments.

3. Support Provided:

The couple received assistance with the necessary paperwork and guidance throughout the mortgage application process, as well as support with solicitor interactions, ensuring a comprehensive understanding of the home-buying journey from start to finish.

Outcome:

Daniel and Nina successfully secure their first home in an area they love. They have manageable payments on their mortgage and are excited to start their lives in their new home.