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First-Time Buyers - Auction Purchase

One of our network partners, Azhar Khan of Claremont Finance recently referred in a deal which has now completed!

Loan Type: First-Time Buyer

Mortgage Amount: £342,000

Purchase Price: £380,000

Location: Greater London

Lender: Skipton Building Society

This was a complex case for two families living together, two brothers and their wives.

We needed to use gifted deposit from overseas and all 4 incomes to obtain the required level of mortgage with the main earner also a day rate contractor.

Skipton’s flexibility in allowing 4 applicants and 4 incomes on the same application along with the allowing day rate contract income to be use at a calculation of x5 x 48 weeks enabled the customers to borrow at 90% Loan to Value and secure their chosen property which they had found at modern auction.

Their quick underwriting turnaround also allowed completion within the 60-day requirement of the auction condition.

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