Successful 27 year old first-time buyer purchases a Million-Pound London Home With The Help Of An Early Mortgage In Principle!
In Pimlico, Central London, where property prices soar and competition is fierce, one determined first-time buyer dared to dream big. With a hefty deposit and a six-figure salary, he set his sights on a coveted property listed at over £1,000,000. But in this cutthroat market, securing his dream home was no easy feat. A bidding war ensued, and the buyer soon found himself having to increase his offers to stave off the competition.
Luckily, with the help and guidance of our advisors at Oportfolio, he put in an offer that the seller couldn’t refuse, and with a mortgage in principle already in place, the offer was accepted. However, there was a caveat. A quick mortgage offer and subsequent mortgage completion was needed to secure this million-pound London home, or the buyer risked losing the property to the next highest bidder. Recognising the urgency of the situation, our team of expert mortgage advisors leaped into action, leaving no stone unturned to make sure that our client’s application went through as smoothly as possible, and to ensure he got his dream home
Preparation Is Key. Securing A Mortgage In Principle For First Time Buyer
Preparation was our secret weapon. Anticipating the whirlwind of paperwork that can often accompany mortgage applications, prior to the client even making an offer, we diligently collected all necessary documents in advance. From payslips, to IDs, to bank statements, we had it all meticulously organised, sparing our client precious time and stress. But our preparation didn’t stop there. Long before the offer was even accepted, we had run a decision in principle for our client, ensuring that their credit score wouldn’t cause any issues further down the line. This proactive approach of securing a first time buyer mortgage in principle meant that as soon as his offer was accepted, we were ready to pounce.
Mortgage Application Submitted And Approved In Record Time
As soon as our client received the thrilling news of their offer’s acceptance, we sprang into action, submitting the full mortgage application that same hour with lightning speed. And thanks to our comprehensive packaging and attention to detail, the lender wasted no time in giving their stamp of approval within a couple of hours of the application being submitted. In a jaw-dropping turnaround, the case was agreed upon in record time, subject only to a swift property valuation.
While other applications can take weeks to be approved or even longer if the application isn’t packaged correctly, our client’s journey from application to full offer took a mere three days. With the weight of uncertainty lifted off their shoulders quickly, both our client and the selling agents rejoiced. Now, our first-time buyer can look forward to settling into their dream home in the heart of London—a triumph made possible by the unwavering support and expertise of Oportfolio Mortgages.
What Mortgage Deal Did We Secure For Our Client?
As this was his dream property and somewhere he wanted to stay for a while, our advisors helped our client secure a 40-year mortgage term on a 5-year fixed deal at a competitive rate of 4.62%. The total borrowing amount was £783,999. To help manage the payments and leverage his overall investment in the property per month, our advisors secure £541,500 of this loan on an interest-only mortgage basis with the remaining £242,499 on a repayment mortgage. After his five year fixed mortgage term comes to an end, we will again look to secure a new hopefully even more competitive rate and deal for him.
Speak To A Mortgage Expert To Help You To Purchase A Million-Pound London Home
Buying any property is huge financial commitment, and especially when buying a million-pound London home, stress levels can be high. As you can see from our recent buyer’s story, working with the right knowledgeable and experienced London Mortgage Broker is essential to make sure that your purchase goes as smoothly and as stress free as possible. By securing an early mortgage in principle, first time buyers like our client can get ahead of the competition when putting in offers. If you want to discuss getting the best mortgage in principle, first time buyer mortgage brokers Oportfolio can help. Call or email our team today to have an fee free initial mortgage consultation with one of our mortgage brokers at Oportfolio Mortgages. We are here to help.
