Tilly and Nick’s Journey to Homeownership
Tilly, an IT Manager, and Nick, a newly-qualified teacher, both in their late 20s, had been living with Tilly’s parents in Lancaster for several months. Nick had recently completed his retraining to become a PE teacher and started his first teaching job in April. The couple was eager to move into their own home after giving up their rented apartment to save money during Nick’s studies.
The Need for Their Own Space
With Nick back in employment, Tilly and Nick were desperate to find their own place. They had their eyes on a £300,000 new build property near their previous residence, which would be perfect for their current needs and future plans to start a family. Their broker, Mark, knew about the flexible underwriting approach and the Own New scheme, which could help them secure a mortgage despite their financial challenges.
Facing Financial Hurdles
Saving for a deposit had been slow due to Nick’s career break. Both sets of parents agreed to gift them £10,000 each, totaling just over 5% of the house’s value. Despite Tilly’s healthy salary and Nick’s promising financial prospects, the couple was concerned about covering all expenses once they moved out of Tilly’s parents’ house. They needed to furnish the property and continue saving for their future family.
How the Own New Scheme Helped
Mark, their broker from Mortgage Pathways, had previously discussed the Own New products with the lender and knew they were ideal for buyers like Tilly and Nick. The housebuilder’s 5% contribution through the Own New scheme made the couple eligible for a two-year fixed mortgage at 95% loan-to-value. Mark coordinated with the Business Development and underwriting teams to ensure Tilly and Nick met the affordability criteria.
The underwriters were confident in the couple’s current financial position and reassured by the expected increase in Nick’s salary, which would ease any financial strain after the initial fixed period. This support allowed Tilly and Nick to secure their dream home and start planning their future together.
If you think the Own New mortgages could help one of your clients, please contact the Furness Intermediaries team on 0800 988 1561 or speak to one of our Business Development Managers.
