Young First-Time Buyers
Our clients were a young couple, aged 23 and 24 years old, looking to purchase their first property and get on the property ladder.
After meeting with the couple, gathering information about them and their circumstances and then searching the whole of the mortgage market, we found the best lender for their situation.
The lender offered a help-in-hand mortgage for young first-time buyers allowing them to borrow another 1 to 1.5 times their salaries. In order to do this the couple had to have a longer-term fixed rate mortgage as a minimum. The reasoning behind this is that the lender hopes that their salaries will have increased over that time period and that the balance would have also reduced during that time.
While also finding them a mortgage for their first property, we discussed life insurance for them both. Due to their age and salaries this life insurance policy had a budget set aside for this. We were able to find suitable life insurance that would cover the mortgage if anything were to happen to either of them.
We are pleased to say that the couple are now homeowners and are very happy in their new home.
Resolve Financial Solutions explore all of your options with you in order to find the perfect solution to suit your needs. Get in touch today to discuss your requirements.
*Your home may be repossessed if you do not keep up repayment on your mortgage.