Discover how we helped mature first-time buyers with complex incomes overcome previous setbacks and secure a competitive mortgage offer in just six days.
Mortgage in 6 Days for First-Time Buyers with Complex Income
Discover how we helped mature first-time buyers with complex incomes overcome previous setbacks and secure a competitive mortgage offer in just six days.
At a glance:
- First-time buyers purchasing the home they rented
- A 3-bedroom semi-detached house
- Self-employed applicants with complex income sources
The Case:
Our clients, a couple in their 40s and 50s, had experienced delays and frustration with a previous broker who recommended an expensive specialist lender without fully understanding their income structure or reviewing other options. They came to us looking for a more thoughtful and informed approach.
As self-employed first-time buyers, they needed a broker who could take the time to understand their financial setup and match them with a lender that would assess their case fairly.
The Challenge:
One key challenge in this case was rebuilding confidence in the mortgage process. Overwhelmed by excessive documentation requests from their previous broker, our clients felt their income had been misunderstood. They had also been steered toward unnecessarily expensive lending options, causing them to lose trust in their previous broker.
Another challenge was finding a suitable, cost-effective lender that would accept the client's income source. Many mainstream lenders hesitate to lend to those with a complex income structure because of perceived risk, income variability, and the additional time required to assess non-standard financial documents.
Our first step in reassuring the client was to invite them into the office for a face-to-face meeting. In this meeting, we reviewed their documents, discussed their mortgage goals, and explored the pros and cons of different fixed-rate terms.
We then used the information we had gathered and our strong relationships with specialist lenders to identify the best and most cost-effective options. Once this was established, we secured a decision in principle and submitted their mortgage application the same day.
The valuation was booked 3 days later, and the mortgage offer was issued within 6 days of submission. MFB delivered the clarity, speed, and support they needed to secure their first home.
The Finance:
Property value: £365,000
Loan amount: £305,000
LTV: 83%
Rate: 4.98%* fixed for 2 years
Term: 16 years, capital repayment
Monthly mortgage payment: £2,233
Lender arrangement fee: Free
*Rate as at time of application
Next Steps
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