Affordability is an issue for many first time buyers. ‘Helping Hand’ mortgages from one of our lenders could help first time buyers borrow up to six times their income.
Features and benefits
- With Helping Hand, first time buyers could borrow up to six times their income. That’s up to 33% more.
- Building trust and confidence by their expertise, showing the process behind retirement decision-making, and creating a safe, non-judgemental space for discussion.
- Managing expectations effectively by helping clients connect with their future selves, setting clear communication routines (ambiguity aversion), and structuring plans into intuitive financial ‘pots.
Eligibility
The availability of Helping Hand is subject to many factors, for example credit score and how much debt buyers have. Below you’ll find the eligibility criteria:
All applicants must be first time buyers
5 and 10 year fixed rates available at all LTV tiers up to 95%
Minimum income of £30,000 sole applicant or £50,000 for joint applicants. All income sources can be included (except self-employed income)
The maximum lending limits depend on the application
Meeting the criteria doesn’t guarantee you will be offered Helping Hand
Applications with the following won’t be accepted:
Self-employed income for either applicant
In conjunction with any scheme or non-standard ownership type. For example First Homes, Shared Ownership, Genuine Bargain Price, Right to Buy and Help to Buy
Interest Only
Please note: The offer of Helping Hand will only be available to first time buyers on the original purchase. It won’t be available on any subsequent transactions, such as additional borrowing where standard criteria applies.
Helping Hand: Jade’s story
Jade was a first time buyer with a clear dream: to buy the house next door to her mum’s. Affordability was a major blocker. Thanks to Helping Hand, Jade’s mortgage went to offer the same day. The enhanced affordability made all the difference and gave her the chance to stay close to family.
How Helping Hand could work for you
For joint applicants who are eligible first time buyers, with a joint income of £50,000, 5% deposit and no other costs affecting how much they can afford. With Helping Hand, they may be able to borrow up to £300,000. This is an additional £75,000 compared to £225,000 without Helping Hand.
For a single applicant who is an eligible first time buyer with an income of £30,000, a 5% deposit and no other costs affecting how much they can afford. They may be able to borrow up to £180,000 with Helping Hand, this is an additional £45,000 compared to £135,000 without Helping Hand.