The Client:
The client came to us as a first-time buyer looking to purchase their first home. The client was interested in the Shared Ownership Scheme and had put down a deposit, securing the plot.
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Scenario:
The client was purchasing 25% of the property from the Housing Association and needed to move quickly, as the development was nearing completion and an exchange deadline had been set and had to be met to avoid the client having to pay additional fees and penalties.
The Solution:
As a whole of market mortgage broker, we were able to search the market to find a High Street Lender who was happy with the Shared Ownership Scheme. A desktop valuation was carried out confirming that the property purchase was suitable and a Mortgage Offer was produced for the client within just one week of full application being submitted.
It was then over to the legal teams who worked efficiently in getting the matter to exchange by the deadline provided, so the client did not incur any penalties or additional fees.
Summary:
Shared Ownership can be a great way for clients to get onto the property ladder who otherwise may not be able to if buying 100% of the property. Our specialist advisors have the knowledge and tools to find suitable lenders for everyone, working quickly to make sure our clients can secure their dream homes.
If you have any questions relating to Residential mortgages, contact us today to speak directly with one of our CeMAP certified Mortgage Advisors. Call us today on 03330 166 600. Alternatively, please complete this short online form and one of our Advisors will call you right back.