First-time buyer income stretch mortgage product for teacher who owned a property more than five years ago
Trinity Financial's broker recently helped a client secure an income stretch mortgage with a competitively priced rate, typically reserved for first-time buyers.
Did she have a complex situation? – Our client had found a property to buy. She was not aware it was possible to qualify as a first-time buyer and access an income boost product as she had owned a property over five years ago.
Did we struggle to find a lender? – Yes, to count our client as a first-time buyer accessing a good rate and sufficient mortgage affordability.
Was the mortgage on interest-only or capital repayment? Our client took a full capital repayment mortgage to ensure the mortgage was repaid by the end of the mortgage term.
Was the rate particularly good? – A five-year fixed rate priced just below 4.25%.
Was there anything else unusual? – Our client was 58 and thought she could only get a mortgage for nine years (until 67 retirement), however, I explained we can extend the term much longer due to pension (private and state). This helped to make the mortgage more affordable.
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Are you looking to buy a property and require expert advice? We’re here to help you find a solution – no matter how complex your circumstances. Our expert brokers have extensive experience providing creative solutions to secure mortgages for our clients.
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The information contained within was correct at the time of publication but is subject to change.
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