Arnold and Helen are South African Nationals, looking to buy their first home in Hackney, London.
Arnold had inconsistent income – a normal basic income but bonus paid at various times of the year in various amounts and straight into his bank account. Arnold and Helen also wanted a product where they could overpay as much as they wanted whenever they wanted. Arnold is receiving a 100k annual bonus and plans to repay the mortgage. The couple also preferred the most flexible options. As they are first time buyers and new to the market, they didn’t want to tie themselves to a rate or property for too long in case anything changed.
The lender I chose had a very competitive 2-year tracker rate allowing unlimited overpayments and no charges should you change your rate. They also use 100% of bonus income resulting in the perfect solution for the couple.
Adviser: Louise Kelleher
Purchase price: £590,000
Arrangement Fee: £999
Term: 30 years