First time buyer declined by the bank

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A normal working day for us includes helping clients that are buying their first homes.

In most cases clients come to us having read the issues on the internet and just need some professional advice. This is great for us as we can guide and work through the options with them. In some cases, clients have been to the bank and the mortgage was declined. We had a look through this client’s credit file and couldn’t find anything wrong. So, we needed to look at things in greater detail. The client had very little credit, a mobile phone that was always paid and a credit card with no borrowing.

This gave the client a low credit score which didn’t pass the lenders own internal scoring system. We had to find a lender that was more generous and someone we could talk to personally, so we could explain the situation. The relationships that our advisers have with the lenders enable us to do this.

Property value £65,000
Loan amount £58,500
Loan to Value 90%
Rate 2.79% Fixed for 5 years, over a 30 year term
Monthly mortgage payment£239
Arrangement feeNil
Valuation fee £115

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