Peter is 28 years old and is an apprentice IT support worker for a large pharmaceutical company. He has been working there for a number of years and has a full time permanent contract with a salary of £30k.
Peter has seen a house which is close to work which he feels will be an ideal first home for him and therefore is looking to borrow £140k. Thanks to a saving plan he has managed to save a 10% deposit.
His pride and joy is his car for which he has car loan where he pays £200 per month.
His employers have confirmed that when he completes his apprenticeship he will be earning approx. £40k and this will increase further each year plus when he finishes his exams he would also be able to gain further work within the industry.
His mother, Pauline, is 50 years old and works as a midwife and earns £35k. She has no credit commitments but has a small joint mortgage with her husband ,Tony, of £66k on her residential property. Their property is valued at £250k. Pauline and Tony also own a BTL property with an outstanding balance of £74k on a value of £210k – the rent received is £1400 pcm which cover the mortgage payments of£400pm.
Pauline will have a private pension and state pension and Tony is currently retired and receives a private and state pension – pension income for both overall approx. £70k
Peter’s mum was happy to help her son get on the property ladder but does not want to be on the title deeds.
Peter's broker hears that the Furness offer a Joint Applicant Sole Propriertorship solutions and contacts the Furness for Intermediaries team.
The mortgage was approved on this basis due to the prospects of Peter’s income improving, Pauline’s current income and the overall financial stability of both parties.
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