First Time Buyers in Slough
See how we help First time buyers maximise the loan size otherwise restricted by how lenders consider their income criteria.
Let’s See How We Can Help You
Call us directly, submit an Enquiry
The Story
One of the most satisfying things that we do at Cubic Financial Services is working with our First Time Buyer customers. Being new to the mortgage market and the house buying process itself can be quite a maze to navigate through and often an overwhelming task. We’re here to help with exactly that.
Not only will Cubic Financial Services advise and recommend a mortgage that fits your situation, we will also provide you with as much guidance as possible about the different stages of the house buying process.
Low deposits are one the situations that we are frequently presented with when it comes to first time buyers.
Often the situation is compounded by affordability so our customers find that not only do they have limited funds to put down as a deposit, because they would like to get the best property that they can which subsequently requires maximum borrowing, they struggle to find a lender themselves who can meet both these requirements.
This is understandable because even if you are approaching lenders directly due to the large number of mortgage lenders out there, being able to find the one that will give you the right balance between your deposit size and the mortgage you require can be challenge.
Of course, there are other circumstances whereby you might not quite meet some lenders requirements for example – time in your employment, credit profile, gift deposits from non-immediate family etc. then this becomes an even bigger challenge. We are here to help with all of that.
One situation that we were up against was where a couple were looking to purchase their first property. Due to the variable nature of their income, they were finding it challenging when they went directly to lenders. In summary, some of the challenges they had included:
- Less than 10% deposit
- The primary applicant was less than 3 months into their employment having had a employment gap
- One of the applicants was a non-UK national with limited UK address & credit history
- One of the applicants was self-employed with a significant increase in the latest years income
The customers had wanted to purchase a home for some time and had just found the perfect home in the location that they wanted. Additionally, given soaring rents at the time they wanted to complete the house purchase as fast as possible. The low deposit did indeed pose challenges and due to the employment gap and limited time in the new employment, finding the right lender and quickly was going to be challenging yet very important for the customer.
What Did Cubic Financial Services Do?
Within hours of arranging a meeting, we conducted our research and ruled out lenders that would not be suitable.
We then conducted additional research to compile the current turnaround times for the shortlist of lenders who we considered to be able to lend the customer the amount they required which was on the upper end of the loan to income multiples.
Once our research on all fronts was complete, we submitted the mortgage application on behalf of the customer. In the interest of speed to offer, as we were conducting our research, we also obtained the documents that we felt based on our experience the lender would need next to underwrite the case as fast as possible.
This meant that we were able to provide the right documents to the lender immediately at the point of application. We were also aware that the recommended lender would instruct a valuation quickly after the application had been submitted.
The Results
The last to two factors above were crucial in ensuring that the customer received the mortgage offer as fast as possible. The result was a mortgage offer within 7 working days of submitting the application.
