Meet Joe and Sarah.
Andrew got them on the property ladder with just a 5% deposit
“I like a challenge, and particularly like working with the Help to Buy scheme, so when Joe came to me saying that they’d found their dream flat but only had a 5% deposit, I told them to sit back and relax. I knew we could turn this around quickly, even with all the extra documentation that Help to Buy requires.
Luckily for Joe and Sarah, their parents gifted them a £25,000 deposit to get their foot on the property ladder. They wanted to use this towards a 1 bed flat in central London but the purchase price was £470,000 meaning that their monthly mortgage payments would be over £2,600 per month (ouch). With Help to Buy, the government will give them a 40% loan towards the purchase price meaning their monthly payment goes down to £1,340 (phew). Obviously, this isn’t free money and Joe and Sarah will have to pay it back; but this extra disposable income each month will help them save a lump sum to pay it back in 5 years’ time.
It was also important to Sarah and Joe that they could pay back their mortgage as quickly as possible to work towards an early retirement. I managed to get them a 20-year term mortgage meaning they could be mortgage free by the time they’re 45 (lucky them!).
“from reserving their property to exchanging contracts in 28 days”
To top it all off, I managed to get them from reserving their property to exchanging contracts in 28 days. This was impressive, even for me. This, of course, made Sarah & Joe very happy, and the developer even happier as we met their strict deadlines. Sarah and Joe are now waiting for the building work to be complete so that they can move in and start making memories in their new home.”
Adviser: Andrew Cryer
Purchase price: £470,000
Arrangement Fee: £749
Rate: 1.45% 2 year fixed
Term: 20 years