One year ago, NEST Mortgage and Financial Solutions Ltd was approached by a First-Time Buyer couple, eager to embark on their mortgage journey. They had never consulted with a broker or explored options with their bank. With £8,000 in savings and full-time, permanent jobs, they were foreign nationals with full Settlement Status, having lived in the UK for over 10 years and desiring to put down roots and own their own home.
Given their status as first-time buyers, the couple was eager to learn and understand the process in its entirety. They shared their goal of purchasing a 2-bedroom flat and NEST was committed to helping them make that dream a reality. We worked closely with them, providing personalised guidance and support throughout the mortgage application process, helping them secure the best deal for their unique circumstances.
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After the very first appointment and finding out what clients’ goal is, we suggested the following tasks to help with the future mortgage application:
- To register on Electoral Roll at the current address as soon as possible
- Continue with the regular overtime (where possible) so there is a track of income longer term, not just ‘staged’ in the last 3 months to achieve the better affordability – P60 and Year to Date Figure - they don’t lie!
- Apply for credit cards and use them regularly for everyday shopping (up to 50% of the available credit) and repay them at the end of each month
- As First Time Buyers (FTB) – open the Lifetime ISA (LISA) as that is the opportunity for the FTBs to get 25% government bonus for the first purchase (*T&C apply) - must be opened for minimum 12 months before completion of the purchase.
What happened next...
Our clients were looking to purchase their first home, but were not in a rush to do so. They expressed a willingness to follow our guidance, and agreed to contact us in 10-11 months' time to commence the paperwork.
True to their word, they reached out to us and informed us that they had diligently followed our recommendations, resulting in a marked improvement in their financial circumstances. With the help of a high-street lender, we secured an Agreement in Principle (AIP) and they began searching for their dream home.
Within two weeks, they found a lovely flat that met their criteria, and we were able to submit their full mortgage application, which was quickly approved. By the time they completed their Lifetime Individual Savings Accounts (LISAs), each with a balance of £8,000, they had an additional £4,000 to cover any related fees.
We are delighted to have been a part of their journey towards homeownership and are committed to providing exceptional guidance and support to all of our clients.
How we can help you
We are proud to have many happy clients who have referred us to others. Our key to success lies in thorough preparation for each mortgage application. While the timeline for each application may vary, we approach every case with the same level of dedication and attention to detail.
We recognise that every client's situation is unique and requires a personalised approach. Our team of professional mortgage advisers is committed to providing tailored guidance and support to help every client achieve their goal of homeownership.
If you're ready to take on the challenge of purchasing your own property, we're here to help. Contact us and let us guide you through the mortgage process with confidence and ease.
