How we can help........
A trainee doctor was looking to purchase his first home near to the hospital where he worked in London. He found a new build studio flat for £300,000 and had a 25% gifted deposit from his father. His current income was £30,000 but would increase once he had finished his training. His father was happy to support the mortgage but did not want to be on the deeds.
The applicant’s father was a senior surgeon earning £150,000 a year and had his own mortgage of £500,000. He was 59 with a pension fund worth £600,000 and BTL properties containing £100,000 of equity, in addition he held a cash ISA with a value of £120,000.
Given the age of the father, we could offer a joint borrower, sole proprietor mortgage for 10 years on an interest only basis using the father’s assets as a repayment strategy allowing the son to purchase and move into his new home/
Plus don’t forget our 5-Year Fixed Rates starting from 1.79%.
For full details on the points detailed above please refer to our Mortgage Lending Criteria Guide, speak to your BDM OR call our Broker helpdesk on 0203 427 1019.