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FOR INTERMEDIARY USE ONLY

Shared Ownership Mortgage gets FTBs on the property ladder

5th November 2024

Our Intermediary Team recently assisted a first-time buyer (FTB) who, despite a solid income and promising career, was struggling to secure a mortgage due to a thin credit file. This case presented several challenges, common to those entering the housing market for the first time, yet we were able to offer a solution that allowed them to secure a Shared Ownership property.

Challenges faced

  • Thin credit file
  • Required 95% LTV on Shared Ownership
  • Gifted deposit
  • Applicant works overtime to support mortgage payments

How we helped

  1. We credit search not credit score
  2. High LTV Shared Ownership accepted
  3. Acceptance of gifted deposits
  4. Inclusion of overtime in income calculation

Daniel Berrisford, our Business Development Manager, said: "It’s great to see our Shared Ownership proposition performing well and with the introduction of our new application system, it makes it much easier for brokers to engage with Leek Building Society. With the help of our new system, we were able to offer on this particular case in 6 working days."

Eliot Darcy, Own New:

“We’re delighted that Leek Building Society has joined the Own New scheme and have already offered their first case.

Rodolfo, London & Country Mortgages:

“This was a great example of how teamwork and clear communication from all parties ensured a smooth process and a positive outcome for our client.”