Case Study: Later First-Time Buyer Needing Support
At 41, Maria thought getting onto the property ladder might be out of reach forever.
Looking to purchase an ex-local authority flat, she faced challenges around affordability and property type.
Using Vida’s Joint Borrower, Sole Proprietor option, her 65-year-old father who was planning to retire in the next year was able to support the application with his projected pension income, while Maria remained the sole owner of the property.
With Vida’s flexible approach to specialist properties, consideration of minor historic credit blips, and a mortgage term structured to support affordability both now and into retirement, Maria was able to secure her first home.
Vida’s enhanced Next Chapter Lending proposition is designed to support borrowers buying later in life, helping more first-time buyers turn homeownership into a reality.
Key Takeaway
First-time buyer in her early 40s. Parent approaching retirement supporting via JBSP. Specialist property. A case that many lenders may struggle with, but one Vida could consider.