Name: First Time Buyer London Mortgage Success With Defaults
Rating: 4.94 (154 reviews)

Secured a

mortgage loan

Client achieved

LTV ratio

Defaults were

months old

A single applicant looking to secure their first property in the competitive London market.
Needed a £315k mortgage to bridge the gap between their deposit and the purchase price.
The ultimate goal was to move from renting to owning their first home in the capital.

The client had multiple defaults – both satisfied and unsatisfied – that were only 12 to 18 months old.
Due to the recency of the credit issues, all mainstream lenders deemed the applicant outside of their risk appetite.
Standard salary multiples weren’t enough, requiring a lender that could look deeper into total remuneration.

Targeted a lender that looks at the “bigger picture” rather than just an automated credit score.
Successfully evidenced a strong track record of quarterly bonuses to boost the total affordable loan amount.
Leveraged the 30% deposit (70% LTV) to provide the lender with additional security, offsetting the credit risk.

Mortgage approved, allowing the client to secure their first home despite recent financial setbacks.
Used the client’s full income potential (including bonuses) to reach the necessary £315k borrowing limit.
Provided a foothold in the market, allowing the client to rebuild their credit while owning a property.

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First-time buyer: London mortgage success with defaults