Case Study: Helping a First-Time Buyer in Plymouth Increase Their Mortgage Affordability with Nationwide’s Helping Hand

Finding a way onto the property ladder when affordability was the challenge.

For many first-time buyers in Plymouth, saving a deposit is only one part of the challenge. With property prices increasing and affordability rules becoming a key consideration, some buyers find that their income does not stretch far enough to purchase the home they want.

This was the situation faced by one of our first-time buyer clients who was looking to buy their first home in Plymouth. They had a deposit saved and were financially ready to take the next step, but the amount they could borrow based on standard affordability calculations was lower than the purchase price they needed.

Our job was to explore the available mortgage options and find a solution that matched their circumstances.

The client’s situation:

Our client was a first-time buyer looking to purchase a property in Plymouth.

Their circumstances included:

• A strong desire to get onto the property ladder
  • A suitable deposit already saved
  • Stable employment and regular income
  • Good financial management
  • A mortgage affordability shortfall when assessed using standard lending criteria

Although they could comfortably manage the expected monthly payments, the challenge was that traditional affordability calculations did not provide enough borrowing capacity for the property they wanted to purchase.

Reviewing mortgage options:

As part of our advice process, we reviewed the client’s full circumstances, including:

• Income and employment details
  • Existing financial commitments
  • Deposit position
  • Monthly affordability
  • Available lender criteria

Rather than focusing only on the maximum standard borrowing amount, we looked at lenders offering solutions designed specifically to help some first-time buyers increase their potential borrowing capacity.

Using Nationwide’s Helping Hand mortgage:

After reviewing the available options, we identified that Nationwide’s Helping Hand mortgage could be suitable for the client’s circumstances.

Helping Hand is designed to support eligible first-time buyers by potentially allowing them to borrow more than they might through Nationwide’s standard affordability assessment, subject to meeting the lender’s criteria.

This gave our client the opportunity to consider properties that were previously outside their expected budget.

Guiding the application from start to finish:

As their mortgage broker, we supported the client throughout the process by:

• Assessing their eligibility before making an application
  • Explaining how the mortgage option worked
  • Helping them understand the costs involved
  • Preparing the required documentation
  • Managing communication through the mortgage process

Taking the time to structure the application correctly helped create a smoother experience for the client.

The outcome:

The client successfully secured a mortgage and was able to purchase their first home in Plymouth.

A situation that initially looked challenging became achievable after exploring a wider range of mortgage options and finding a lender solution that matched their circumstances.

Could a first-time buyer mortgage solution help you?

If you are a first-time buyer in Plymouth and are finding affordability is the biggest barrier to purchasing your first home, there may be mortgage options worth exploring.

Every lender has different criteria, and the right solution depends on your individual circumstances.

At Stuart Ash Mortgage Services we help first-time buyers understand their options, compare mortgage solutions, and navigate the journey from initial enquiry through to completion.

Important: Nationwide’s Helping Hand mortgage is subject to eligibility, affordability assessment, lending criteria and terms. Availability and criteria can change.

 

‘Your home may be repossessed if you do not keep up repayments on your mortgage’

Use the link below for more details:

https://stuartashmortgageservices.co.uk/first-time-buyer-centre/

https://stuartashmortgageservices.co.uk/contact-us/

About the Author

This guide was written by Stuart Ash, a Plymouth-based mortgage broker over 7 years with experience helping first time buyers across Devon and Cornwall get their first mortgage. Stuart is CeMap (Certificate in Mortgage Advice) qualified.

Stuart’s focus is on providing clear, transparent and tailored advice to help clients make informed decisions about their mortgage needs.