First time buyer with basic salary and tax credits as income

Home / First time buyer with basic salary and tax credits as income

We were approached by a client looking for a new mortgage to buy their first home.

Their Income was based on a basic earned salary, family tax credit and child benefit. They did not think they would be able to get the house they wanted using this income. But we were able to find a mortgage with a high street lender that not only was able to secure the property but was also below the budget they had given me. They were pleased that their new mortgage was a lot cheaper than their existing rent.

Property value £124,995
Loan amount £112,495
Loan to Value 90%
Rate 2.69% Fixed for 5 years, over a 30 year term
Monthly mortgage payment£455 - This was £95 cheaper than the rent they paid
Arrangement feeNil
Valuation fee Nil
Legal FeesNil

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