David & Joanne, first-time buyers living in Newport, approached South West Mortgage Brokers requiring help with a first time buyer mortgage to purchase their first home.
Initially they were concerned that as Joanne was aged 56 the lenders might limit the mortgage term to state retirement age, making the repayments unaffordable. However, David aged 43, had sufficient income to cover the repayments alone. In addition, Joanne had already agreed with her employer that she could continue working as a civil servant until the age of 75. This gave us confidence that there would be lenders able to offer suitable terms.
After thoroughly researching the market, we identified a lender willing to extend the mortgage term to Joanne’s 75th birthday.This reduced the monthly repayments to a manageable level. The solution was a competitive five-year fixed rate with a well-known building society, arranged over an 18-year term. Given their busy work schedules, David and Joanne were pleased to manage the process with us mainly by phone and email. We guided them step by step through the home-buying journey and also provided tailored dvice on insurance products to help protect their new home.
Today, David and Joanne are delighted to have secured the three-bedroom property they had set their hearts on, supported by a mortgage that is affordable both now and in the years ahead.
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