If you don’t think you can borrow enough to buy your first home, a Helping Hand from us could help you borrow up to 20% more than all other lenders.
Borrowing 5.5 times your salary is now available to eligible first time buyers with a 5 and 10 year fixed rate, up to a 95% loan to value on BOTH leasehold flats and Freehold houses. Until recently this income stretch was only available on leasehold flats if you had at least a 15% deposit. So First Time Buyers can now borrow 5.5 times their salary with just a 5% deposit on BOTH leasehold flats and Freehold houses and you can stretch the mortgage term up to 40 years to help reduce your monthly mortgage payments.
How a Helping Hand could work
A couple, who are eligible first time buyers, have a joint income of £50,000, a 5% deposit and no other costs impacting how much they can afford. With a Helping Hand, they may be able borrow up to £275,000. This is compared to the £225,000 they’d be able to borrow via all other mortgage lenders.
Eligibility
- All applicants must be first time buyers. First Time Buyer is – an applicant(s) who has not held a mortgage in the last three years (this includes UK and non-UK mortgages).
- 5 and 10 year fixed rates available at all LTV tiers up to 95%
- Minimum income of £30k sole applicant, £50k for joint applicants. All income sources (except self-employed income) can be included.
- Self-employed income for either applicant is not acceptable
- Cannot be used in conjunction with any scheme or non-standard ownership type (for example Deposit Unlock, First Homes, Shared Ownership, Genuine Bargain Price, Right to Buy and Help to Buy)
- Repayment only, no Interest only
Get in touch
Call us on 0203 2913001 or email beth@bemortgages.co.uk to find out how much you can borrow. I will be happy to run a new affordability and criteria check for you so you know how much you can borrow and how much your monthly repayments etc will be.