Residential Mortgage For First-Time Buyers: Couple Secures Dream Home with Innovative Scheme

A quick overview of the client

Our clients were a young couple, both in their late twenties, eager to step onto the property ladder for the first time. They had stable jobs but were finding it tough to save up for a hefty deposit in today’s housing market.

Mortgage location: Stanford-le-Hope, east of England.

The client’s requirements 

The pair were looking for a mortgage that would allow them to buy their dream home without breaking the bank. They needed a lender who could offer a generous loan-to-value ratio and understand their situation as first-time buyers.

The scenario

Property details

The property that caught their eye was a charming three-bedroom semi-detached house in a quiet suburban area of Stanford-le-Hope, East of England, United Kingdom. It was on the market for £380,000, which was a bit of a stretch for our clients’ budget.

Challenges faced

The main hurdle was the deposit. With house prices soaring, our clients struggled to save up the typical 10-15% deposit that many lenders require. They also needed a longer mortgage term to keep their monthly payments manageable.

Our approach

We knew that Nationwide’s Helping Hand scheme could be a game-changer for our clients. This special programme is designed to give first-time buyers a boost by allowing them to borrow more than usual.

We worked closely with the couple to gather all necessary documents and present a strong case to Nationwide. We highlighted their steady income and good credit history to show they were responsible borrowers despite their limited savings.

Successful outcome 

Thanks to the Helping Hand scheme, Nationwide agreed to lend our clients £291,000 over a 40-year term. This allowed them to put down a smaller deposit and still secure their dream home.

The 40-year term meant lower monthly payments, making the mortgage more affordable. Plus, the five-year fixed-rate product gave them peace of mind about their outgoings for the near future.

Our clients were over the moon. They got the keys to their new home and took their first step on the property ladder. The longer mortgage term and the extra borrowing from Nationwide’s scheme made all the difference, turning their homeownership dreams into reality.