Location: Bristol

Loan Amount: £154,000

Finance Category: Residential Mortgage

The Story

A first time buyer in Bristol had found Fox Davidson on the internet after searching for 5 x income mortgages in Bristol. The client was a single applicant, first time buyer needing a mortgage of 5 x their annual salary. They had started their job only 4 months previously and had been declined already having tried to use an online mortgage/money supermarket. They wanted a more personable service.

The Challenge

As the client had only been in their job for 4 months and required 5 x income, the funnel was narrowing with only a handful of lenders who would be willing to offer a loan.

Given that they were a first-time buyer and needed a high loan to value at around 85% this added to the challenge.

The Solution

We advised the client to utilise a special lending scheme that allows clients to borrow enhanced income multiples when taking a longer-term fixed rate.

We had to ensure the client was happy to be locked in to a 5-year mortgage with the lender, but with rates looking likely to increase, they were adamant they wanted to fix and were happy to do so for 5 years or longer.

On this scheme we were able to secure 5 x income, which meant they could borrow an additional £16,000 compared to other lenders in the market, allowing them to purchase their first property and get onto the property ladder.

For more information on first-time buyer mortgages or to speak to us about general mortgage advice, please contact a member of the Fox Davidson team today, email enquiry@foxdavidson.co.uk or call us on 0117 989 7950.