Case Studies

First time buyers with non-standard income

Sarah and Matthew were looking to purchase their first home.

The Need
Having found a property, Sarah and Matthew came to FOCUS as first time buyers seeking mortgage advice. With a purchase price of £300,000 and a deposit of £45,000, they required an 85% mortgage of £255,000.

The Detail
Sarah is a lawyer, salaried at £40,000 per annum. Matthew is a qualified teacher but is taking a year out to improve his qualifications. He is in receipt of a bursary from the Department of Education of £25,000 net per annum.

As Matthew is not technically employed at this time, this causes a major problem with most lenders who require confirmation of income in the form of payslips or self-employed accounts.

Using our experience and knowledge in the market, FOCUS was able to discuss the requirements of Sarah and Matthew in detail with various preferred lenders who area able to accept the unusual make up of income for Matthew.

The Outcome
As a result, Sarah and Matthew were granted a fixed rate mortgage as they desired at competitive market rates.