Owning Your Own Home

Owning your own home – is an exciting dream for many, but navigating the purchase process isn’t always a walk in the park. Take Ram and Kavi, a couple whose path to buying their dream house was unexpectedly tricky.

Ram’s new job wouldn’t start for another few months, leaving him without the usual stack of payslips lenders typically ask for. And while their 5% down payment was a great start, owning two rental properties meant some lenders wouldn’t budge on their standard loan to value limits. Talk about feeling stuck!

However, Ram and Kavi refused was recommended to us and arranged a meeting at our offices with one of our mortgage experts. Our mortgage advisor went through options, stepping outside the usual bank routine and presented the case to a lender who saw things differently and took a commercial approach. Once we had presented the case, the underwriter understood Ram’s future income potential and offered a loan that went above and beyond the norm – a whopping 95% loan-to-value!

As with all things, the journey wasn’t all smooth sailing. Ram’s pre-wedding break from work created a gap in his employment history, raising eyebrows at some lenders. This change would have meant that the loan would be declined; however, we had pre-empted this, and our underwriter was already in the know and prepared to offer the loan regardless, embracing Ram’s upcoming role and bright future.

Even the most complex mortgage challenges can be overcome with a deep understanding of the client’s current and future financial position,  a determined spirit and a dash of creative thinking. Our team, along with Ram and Kavi, overcame the hurdles and took them in their stride, showing us that everyone can achieve their dream of buying their home with perseverance and an intelligent approach.

Ram and Kavi’s story is a reminder that with a bit of innovation and a lot of can-do spirit, owning your dream home is always within reach.

Published May 2024.

It is important to take professional advice before making any decision relating to your personal finances. Information within this case study is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored advice and is for information purposes only.