This week's case study highlights how Alexander Hall helped first time buyers purchase their dream home through Help To Buy to maximize their budget.
Our clients' challenge
Our clients were renting for the last few years in central London. They met another mortgage adviser initially to discuss purchasing but with the budget they were given, could not find a property that met their needs.
The clients had a £35,000 deposit thanks to some savings and a family gift but were advised that their current incomes would only allow them to purchase up to £350,000.
Alexander Hall's solution
Our clients viewed some properties advertised on the Help to Buy scheme and met one of our advisers to discuss their options. They were not sure on some of the details on the scheme, and our adviser was happy to go through this with them in detail. We checked their affordability using the Help to Buy calculator and our choice of lender’s calculator and achieved an improved maximum purchase price of £500,000 with a rate of 1.54%
This meant the clients could purchase a two-bedroom house in their local area, and with monthly payments at less than half of their existing rental payments. Our clients were delighted with the outcome and agreed to talk to us in the future to discuss their remortgaging options.
