First-time buyers are no longer a niche area, but they experience circumstances that don’t always meet conventional lending criteria. This month we’re focusing on the complexities of FTB cases and challenges we frequently consider at our daily mortgage referrals meetings.
THE REQUEST: The applicants had requested a £150,000 mortgage at 95% LTV. Applicant one had a default on record from the previous year – a late payment on a catalogue order – which had been quickly rectified.
THE SOLUTION: Mortgage approved - research into the applicant’s blemish revealed it was only a small amount owed and was quickly settled upon discovery. We accepted the explanation for the oversight and, having passed affordability checks and received approval from our higher lending insurers, we were pleased to offer the full amount requested.