First-time buyers

This first-time buyer couple didn’t have an easy start. One is employed with a regular, but lower income, and the other is self-employed with quite widely varying monthly income. And they only had a relatively small deposit too.

On review, it was agreed that they had an affordable repayment budget of up to £1,500 per month. Given the variability in monthly income, and the volatility in interest and mortgage rates, the couple were worried about affordability if rates rose again. As first-time buyers, they were particularly anxious about the whole process and in interacting with the various third parties. This is where our mortgage advice team stepped in to help.

They explained the whole process, the steps that the couple and we would take, and the likely timelines. We performed a full review of the whole mortgage market, including broker-to-broker offers, and liaised with their solicitor, surveyor and mortgage provider on the couple’s behalf.

We secured a fixed-rate mortgage at a longer than usual term of 35 years, so bringing the couple’s monthly repayments within their budget. And even with just a 5% deposit, they were able to buy their dream home and move in – the whole process only taking 12 weeks from beginning to end.

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.