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No Deposit Mortgage For A Couple Purchasing Their Existing Home From Their Private Sector Landlord
Learn how we made the difference
The ace up your sleeve
Client Background
A couple approached us looking to buy their current home, which they rented from a private sector landlord. Their landlord had offered them a reduced price, as they had been living in the property for a decade and they were looking for a quick sale. However, they were unable to put any of their own money down as a deposit and had nobody who could gift them any money for a deposit. Their goal was simple: stay in their current home and finally get on the housing ladder.
The Challenge
The case was somewhat tricky due to the high loan-to-value (LTV). Initially the clients were looking for a 100% LTV, but that did not fit. After discussions with the landlord, they agreed to instead contribute 5% of the equity as a deposit - it made no difference to the landlord, but it made all the difference to the clients, as they were now able to secure a 95% LTV mortgage instead.
The Solution
We sourced a 5-year fixed-rate mortgage at 5.24% with a challenger bank known for supporting First Time Buyer applicants and high LTV purchases. The deal also came with no application or valuation fees, to minimise the upfront costs. We structured the application to clearly demonstrate the source of deposit. We communicated directly with the underwriter on the case to confirm their view on the deposit, removing any potential delays. Our deep knowledge of criteria and proactive communication helped avoid any issues with the application. The client was guided step by step, with minimal stress or confusion.
The Outcome
The mortgage was secured at 95% LTV, allowing the client to move forward with none of their own money down as a deposit. We locked in a 5-year fixed product that gave the clients certainty of their monthly payments for longer, and gave them peace of mind. There were no hidden fees or last-minute issues, and the lender was comfortable with the overall proposition. The clients were extremely happy and excited to step onto the property ladder, when just a few months before they believed they would never own their own home. This mortgage made homeownership possible when they thought it wasn’t.
Why This Case Stands Out
This was a case where on the face of it, it was not doable as the clients did not qualify for the few 100% LTV mortgages available at the time.
However, with a little creative thinking and in-depth knowledge of how lenders will treat different forms of deposits we were able to get it to work. Even though the landlord still received the same monetary proceeds from the sale, how it was structured and presented to the lender made all the difference.
We were proud to be able to help this couple finally get on the housing ladder, moreso as we were not the first mortgage broker they had tried.
Better yet? We did it all without charging the clients any broker fees. Just another way we are trying to do things differently at Woodason Financial Services.
The ace up your sleeve.
Frequently Asked Questions
We understand you will have many questions. We have answered the most common ones below, but please do not hesitate to contact us at any time to discuss your particular requirements.
What makes Woodason Financial Services different from other mortgage brokers?
Woodason Financial Services specialises in helping individuals, business owners, and investors with unique circumstances secure mortgages. Unlike many other brokers and lenders, we will never refuse to take on a case. Our general expertise and knowledge in these niche areas allows us to provide tailored solutions that other brokers might not offer.
How can Woodason Financial Services assist me?
Woodason Financial Services can assist you by understanding the specifics of your particular situation and working with lenders who are more flexible and experienced with your specific needs. We offer personalised advice, help you gather the necessary documentation, and guide you through the entire mortgage application process, making it less stressful and more manageable.
What types of mortgages can Woodason Financial Services help with?
Woodason Financial Services can assist with a variety of mortgage needs including purchasing a new property, refinancing an existing mortgage, or investing in property. Our goal is to find the best mortgage solutions that fit your specific circumstances and financial objectives.
What documentation will I need to provide?
Typically, you will need to provide documentation of your bank statements, proof of identity, and proof of income. Woodason Financial Services will guide you through the exact requirements based on your situation and ensure you have everything needed for a successful application.
How do I get started with Woodason Financial Services?
Getting started is easy. Simply contact us to schedule a consultation. We’ll discuss your specific needs, assess your financial situation, and outline how we can help you achieve your mortgage goals.
What particular "difficult" mortgages do you specialise in?
Woodason Financial Services specialises in all tricky circumstances. Particular highlights include:
• 5% deposit mortgages for clients in the UK on a visa
• Day 1 mortgages for clients moving to the UK on a visa
• Bad credit mortgages, including clients facing receivership or bankruptcy
• Helping foreign nationals who have never been to the UK invest in UK property with a mortgage
• ...and many more!
No matter how impossible you think it is - please contact us today, completely free, for our help and advice.
Our guides
Buying UK Property On A Visa
Our brochure will help you arrange finance without being distracted from your life. We are experts in helping clients in the UK on a visa buy property in the UK, whether you intend to live in it, or as an investment. Download it below, completely free.
Buying Your First Home Guide
This guide is a must-have for those who have not bought their own home. It explains and breaks down in plain English the steps needed to get a mortgage to buy your first home. Best of all, you can get it now for free by clicking below.
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IMPORTANT INFORMATION
Think carefully before securing other debts against your home. Your mortgage is secured on your home, which you could lose if you do not keep up your mortgage repayments.
We may charge a fee for mortgage advice in exceptional circumstances. The amount we charge will be confirmed before any charge is incurred. Please refer to the Terms of Business or contact us for further information.
woodason.co.uk is a trading name of Thanet Mortgages Limited which is authorised and regulated by the Financial Conduct Authority. Your home may be repossessed if you do not keep up repayments on a mortgage or other loan secured on it. Think carefully before securing other debts against your home. Not all forms of bridging finance, secured loans, buy to let and commercial mortgages are regulated by the Financial Conduct Authority.
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Registered address: 76 High Street, Brierley Hill, West Midlands, United Kingdom, DY5 3AW.
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