The Aspiring Homeowners:

This case study features a young couple, a primary school teacher earning £35,000 annually and a carpenter earning £40,000 annually (combined income £75,000), with no outstanding debts. Their dream was to achieve homeownership, but the traditional high-deposit mortgage requirements seemed like a significant hurdle.

The Traditional Mortgage Impasse:

Despite their combined income meeting affordability requirements, securing a mortgage with a high deposit threshold proved challenging. Previous lenders offered options requiring a substantially larger upfront investment, delaying their homeownership aspirations.

Advantage FS: Unlocking Opportunities

The couple sought alternative solutions at Advantage FS. Their knowledgeable mortgage advisor, Tom, identified 5% deposit mortgages for their situation. He explained the program’s eligibility criteria and how it could make their dream a reality.

A Smoother Path to Homeownership:

The 5% deposit requirement significantly reduced the upfront cost, allowing the couple to prioritise immediate needs while still securing a property. Tom’s expertise ensured a smooth and stress-free experience. He guided them through the application process, ensuring all documents were in order and facilitating efficient communication with the lender.

Dreams Realised:

With Tom’s guidance and the 5% deposit mortgage, the couple successfully purchased their first home. They are now proud homeowners, building equity and enjoying the freedom and stability that comes with homeownership.

Key Takeaways:

• Explore All Options: A qualified mortgage broker like Advantage FS can help you discover all available options, including 5% deposit mortgages, which only a few lenders offer. As a consumer, one could spend hours looking at each lenders products and only to believe 10% is the minimum deposit possible.
• Reduced Deposit, Greater Opportunity: The 5% deposit mortgage allows individuals and couples to enter the property market sooner, accelerating their wealth-building journey. Whilst these deals come with higher interest rates, in particular they help those currently renting, to stop paying wasted money on rent, sooner.

Advantage FS: Your Partner in Homeownership

Don’t let a large deposit hold you back from owning your dream home. Advantage FS has a team of experts who stay informed about the latest mortgage options, like 5% deposit mortgages. They are dedicated to finding the perfect financing solution for your unique needs.

Contact Advantage FS today for a free consultation and take the first step towards owning your first home.