First-time buyers

A couple were looking to secure a first mortgage, in which they were able to provide a 10% deposit from savings. This was a more complex case than usual, as one of the couple was a foreign national who had been in the UK for less than a year. Also, whilst both applicants were employed, one had income which varied monthly due to a portion of their income being dependent on a monthly variable commission.

Our mortgage advice team worked with the couple to review their budget and to agree what was affordable, given their varying monthly income. Also, in view of the variability of their income and their worry about meeting a monthly mortgage commitment, we recommended a fixed rate repayment mortgage, so the couple could then plan their monthly budgets with certainty.

Given the specific circumstances, the mortgage advice team had their work cut out in finding a lender that was comfortable with one applicant who had been in the UK for less than 12 months and that met their affordability checks given there was variable income. But they succeeded and the couple were delighted to secure a fixed rate mortgage within their set budget.

Your home may be repossessed if you do not keep up with repayments on your mortgage,
or other loan secured on it. 

The content on this page is an illustrative case study. It’s not meant as advice – and the situation it describes may not be the best option for you. Your financial plan should be developed to suit your unique financial and tax circumstances – which is why it can be helpful to get professional advice.