CASE STUDY: Young Professional
Nov 27, 2019
The client wanted to buy their first home for £315,000, and with a deposit of £50,000. ( 84% LTV) However, based on income they were falling short on most lenders' affordability assessment.
How did we help?
We looked at the case as a whole and the risk to the Society. The client has been in the teaching profession for a number of years with opportunities to progress. They had saved a good deposit, had no other financial commitments and looking at affordability with the new mortgage payment still had £924 PCM surplus income. Taking all of this into account we were happy to apply a Loan to Income multiplier of 5.34 compared to our standard multiplier of 4.5 which meant that we could lend the amount they needed.
Stafford Railway Building Society
4 Market Square, Stafford, ST16 2JH www.srbs.co.uk