£250,000 inheritance used as the deposit to purchase property with Japanese knotweed
Trinity Financial recently arranged a mortgage for a first-time buyer who had received a £250,000 inheritance.
Our client had found a property they wanted to buy in London but were unsure if a mortgage lender would allow them to use inheritance as a deposit. They were also not sure if they would qualify for an income stretch mortgage or whether the property would pass the valuation checks.
Did they have a complex situation?
They wanted to borrow as much money as possible because they were buying the property by themselves. They were also concerned that Japanese knotweed was in the garden, which they thought would prevent them from getting a mortgage.
How did we help?
Trinity's mortgage adviser researched the market and found a special scheme for first-time buyers. Under this scheme, employed people can borrow up to 5.5 times their salary, provided they earn a minimum income of £30,000 for sole applicants or £50,000 for joint applicants.
As part of the mortgage application process the building society sent a valuer to the property and they highlighted the Japenses knotweed. The lender requested a signed document confirming the client knew the knotweed was there. The mortgage offer was produced within four weeks.
Was the rate particularly good?
Trinity's broker arranged a five-year fixed rate priced at just over 4.5%. First-time buyers needed to opt for a five—or ten-year fixed rate to qualify for this income-stretch mortgage.
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