6x Salary First-Time Buyer Mortgage for London Home

The Scenario

Our clients, a couple recently returned from the United States and purchasing their first home in the UK, had initially worked with another broker who’d been recommended by a friend.

They were looking to borrow £400k to purchase a £500k London home.

Their previous broker had placed them with a mainstream lender that was pushing various first-time buyer products to the market at the time – however, they’d been rejected, as they’d been unable to borrow enough to meet the purchase price based on their income.

Despite this, they spoke to family members and managed to get some help in raising additional funds, lowering their loan-to-value and loan-to-income ratios required.

The Solution

When the clients turned to us, we quickly identified a tailored solution.

We introduced them to a dedicated first-time buyer mortgage that allowed for a borrowing amount of up to six times their salary.

What’s more – we knew that the lender could accept a share of free hold property.

At the time, the husband was still contracting for a US company but had not yet renewed his contract since moving back, making his income difficult to rely on for most lenders.

So, based on the wife’s strong employment and earning status, we recommended to drop the husband’s income from the application entirely.

This sidestepped the challenges of his unrenewed contract and still secured the £400,000 they needed thanks to the 6x salary multiplier leveraged solely against the wife’s income – and, it meant we were still eligible with the lender accepting of the share of freehold agreement.

Thanks to our expertise, we secured the funding they needed and turned a frustrating situation into a success.

If you’re a first-time buyer facing complex challenges or need to maximise your borrowing potential, our experience and market knowledge can make all the difference. Contact us to start your home-buying journey with confidence.