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First Time Buyers with No Income…

 First Time Buyers with No Income!

One of our Top Mortgage Lenders are saying….

Helping the next generation get onto the property ladder is one of the most rewarding aspects of what we do as a lender. 

In a recent residential case, we did just that. 

We helped a father support his daughter’s first-time buyer purchase of a £395,000 mid-terrace house in Gloucester using a Joint Borrower Sole Proprietor (JBSP)

Background of the client

Father (Joint Borrower)

Daughter (Sole Proprietor)

Employment

Semi retired - £62.1k salary

Unemployed

Pension

£48k private, £8.4k state (during the term)

N/A

Savings

£351k in a joint account

N/A

Current rent/mortgage

Mortgage all paid off

£520/ month rent (paid by father)

Contribution to mortgage

Full affordability

No current contribution

Final Outcome

Despite the daughter not currently earning, we were happy with the fathers strong affordability. 

With a £295,000 gifted deposit, we approved a £100,000 mortgage on a 25-year capital & interest basis, fixed at 5.44%, with monthly repayments of £610.51 and a low LTV of 25.32%

We were pleased to support the daughter in securing her first home.

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