Our Shared Ownership fixed rates are falling too
We are reducing the rates on all fixed-rate Shared Ownership products today.
Find out how we helped Jasmine onto the property ladder with the help of her dad, Michael and our Joint Borrower Sole Proprietor mortgage.
Meet Jasmine....
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Jasmine is 25 years old
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She is employed and earns £30,000
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She has a 25% deposit and found a property worth £250,000 that she's interested in, but she can't afford a mortage of £187,500 on her sole income
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Her dad, Michael, is 55 years old, employed and earns £65,000. HE has a small residential mortgage balance joint with his wife of £55,000
What happened next?
When assessing affordability, using Jasmine's income and a £150 loan pcm, we discovered that:
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She can support a mortgage of £135,000 across a 35-year mortgage term
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Her dad has no debts other than his own mortgage balance and can support the remainder - being £52,500 across 15 years - taking him to his planned retirement age of 70.
So, what about the mortgage?
The mortgage is split in to two parts, one monthly mortgage payment will still be taken by direct debit, however this will be split accordingly across each mortgage part. This will mean a lower monthly mortgage payment overall than if the total £187,500 borrowing was based entirely on the 15-year term to dads retirement age.
The Newbury approach:
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We can split the borrowing amount in two parts
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Affordability is assessed on each applicants income and commitments
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The term isn’t based solely on the elder applicants age, resulting in more comfortable mortgage payments
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For family-only relationships
Don’t forget:
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Instant chat service now available
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No credit scoring – all cases are assessed on individual merit
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Tailored underwriting with each case individually considered
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A dedicated BDM happy to help you on an individual basis
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Contact us to discuss your client’s requirements today. Our Helpdesk is available 9am – 5pm, Monday to Friday and from 9.30am on a Wednesday.
