Complex first time buyer application for UK and non-UK national

Complex FTB application for UK and non-UK national

Article by Charlie Byrne Mortgage Adviser

What was the situation?

Earlier this year I was approached by my client – a UK national – with a partner on a spousal visa. Together they were looking to purchase their first home with a 10% deposit.

The clients were looking to borrow £220,000 to buy a 4-bedroom terraced house in Andover. Both clients were employed professionals with a joint income of over £160,000, so strong income to support the loan amount being requested.

What was the issue?

During my initial call with the clients I learned that they were having trouble finding a lender that would lend at 90% Loan to Value (LTV) with only one of the applicants being a UK national, and both being first time buyers. Most lenders require up to a 25% deposit if one of the clients is on a VISA, as this is deemed as higher risk and may often mean less credit history is available.

What was the process?

The most important thing for me as their adviser was to ensure I could find a lender who would accept these important criteria points. As a whole of market mortgage broker, we have access to a vast range of lenders and products that are unavailable to the public.

Knowing this, I was able to narrow down the search to a few lenders who would accept this type of application with the income level of both clients, helping them to take a flexible view. I contacted the relationship managers of said lenders to confirm the case would be reviewed and accepted subject to full underwriting.

What was the solution?

As the application progressed, one lender confirmed they would be willing to review the case in more detail. To ensure the process was a smooth as possible for the clients, I regularly contacted the lender to confirm what supporting documents they needed before following up with the clients. As this was the first time my clients had been through the house buying process, I wanted to ensure they had a good experience by feeling confident throughout.

Working with the lender, I was able to secure the clients a 5 year fixed rate deal at just over 3.5%., which was also close to market leading at the time of application. The 5 year facility gave them peace of mind knowing that the monthly payments would stay fixed for the duration, especially during the current challenging economic conditions.

A snippet from the client’s review:

“ LDN Finance managed to achieve what no other bank was able (or willing) to do and managed to find us a Mortgage provider who looked at the big picture, not just tickboxes on a checklist. We would have had to wait years and years if not for the excellent work by LDN Finance. Thank you enormously Charlie”.

Lending solutions with LDN Finance

Are you a first time buyer in need of a mortgage, but have a complex application that you would like some advice about? We’re here to help you find a solution – no matter how complex your circumstances. At LDN Finance, our expert brokers have extensive experience in providing creative solutions to secure large loans for our clients.

We work closely with our trusted network of private banks and both high street and specialist lenders to arrange bespoke mortgage arrangements to suit your circumstances at competitive, market-leading rates. 

Get in touch with us to organise an initial consultation.

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Our happy clients

Excellent and outstanding professional service from start to finish. From offering as many options as possible, to explaining to me very quickly what the benefits are and what I should really be thinking about moving forward. Thoroughly recommend.

Mr. M

July 2021

5 Stars! The LDN team supported us purchasing our family home, without their support and as an expat it would have been very difficult to obtain our new home in the UK. I would totally recommended them.

Mr. S

August 2021

Johnny Martin held our hands through the entire process calmly and professionally. Brilliant service, efficient and swift in response to everything. He made the entire journey uncomplicated even when the bank made it complicated. Highly recommended.

Mr. H

July 2021

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