A first-time-buyer in his mid-30s has moved into a 2 bedroom terraced house with his uncle in the East Midlands and intends to buy the house from his uncle who will continue to live in the property post-completion.
The applicant is employed full time and is receiving a gifted deposit of 45% of the property value from his uncle. A Deed of Consent was obtained for the uncle for his continued residence.
The applicant has previous historic adverse credit in the form of a default from 2018 which is unsatisfied but well within appetite for lending. There’s strong affordability with £300+ surplus income per month and a low LTV required at 60% over a 25-year term. Our Prime Plus 5 year fixed residential product was selected.