Lewis and Lucy are Real Life First Time Buyers who recently bought their first property. They contacted The Mortgage Girl at the start of their home buying journey.
They bought their first home in the summer of 2020, which was in the middle of the worldwide pandemic COVID-19.
The Covid pandemic brought a range of new challenges to the mortgage market, from lenders adopting stricter lending and policy criteria to some lenders withdrawing their mortgage deals from the market completely!
We joined our First Time Buyers in their lovely home to talk about their experience of the mortgage maze and how The Mortgage Girl helped them negotiate it.
Upon full consideration of Lewis and Lucy’s personal circumstances, a 90% First Time Buyer mortgage was recommended to enable them to buy their dream home, which was a three-bedroom Victorian Terrace house in the heart of Plymouth.
Due to the pandemic, 90% of first-time buyer mortgages were few and far between. There was only one lender who was offering this type of mortgage at the time and we worked tirelessly to ensure that Lewis and Lucy met the Lenders criteria for this mortgage deal.
Part way through the application process the lender changed their policy which in turn affected the amount Lewis and Lucy were able to borrow. As a consequence, they needed to provide a larger deposit.
We worked exceptionally hard to place them in the best possible position to obtain this mortgage deal. Upon a detailed analysis of her clients’ circumstances, she noted that both clients had Lifetime Isa’s which neither had used to save their deposit money in but had opened over a year ago.
‘It was really important that we did use a broker because we had that personal touch. I could not imagine being on hold to a bank to sort out our mortgage!’
We suggested that if both Lucy and Lewis transferred the maximum permitted amount of £4,000 each from their savings account into each of their Lifetime Isa’s, they would be eligible to each receive a £1,000 bonus from the Government. This then boosted their deposit by a further £2,000 and meant they had enough to continue with their mortgage application.
Lewis and Lucy were so delighted with the service they received that they wanted to share their experience to help other real-life first time buyers with what can be a daunting process.
‘The Mortgage Girl was always available to answer any questions that we had’