Case Study: FTBs, Right to Buy with adverse cherry

How we can help:

Adverse Case

Name: Katia & Lorenzo

Employment: Employed

Resi/BTL: Residential

Purchase/Remo: Purchase

Amount borrowed: £106k

LTV: 59%

Product: Vida 6

2 year fixed

Katia and Lorenzo want to buy their home

Katia and Lorenzo are first-time buyers who want to use the Right to Buy scheme to purchase their long-term home.

They had some adverse credit

Over time, the couple has built up a significant amount of adverse credit, including 5 defaults for Lorenzo and 3 for Katia due to recent redundancies. Once their employment was established again, they entered into Debt Management Plans to take ownership of their finances and get them under control.

Lending into Retirement

The loan term takes the oldest applicant to age 75, which meets our lending into retirement policy as they’re both under 50 and more than 10 years away from their anticipated retirement ages.

Evidence was obtained that they’re contributing to pensions, and the Vida later life lending form was received with supporting ID.

Onwards and Upwards

By taking a 2-year fixed rate, Katia and Lorenzo can continue to repair their credit history, with the aim of remortgaging at a more favourable interest rate in the future.

With the help of their Broker and Vida, they are finally able to get a Right to Buy mortgage on their home.