Saving for a property in the current market can be tough, however with Launch Finance’s help, this process can be fast tracked by showing the required 5% savings through a few different options.
Majority of lenders require genuine savings held or accumulated over a minimum period of three months. This would be worked out on 5% of the property value. However some people have the funds available within this time frame or have had help through a family member.
We have access to a product that does not require genuine savings as a minimum requirement. What this lender will do is review the entire application and look at the suitability of the loan from the overall position of the client. This helps the client to get into the property market sooner.
There are a number of things to be aware of and look at when doing this type of lending, so it is very important to give as much information to your Launch Finance broker as possible. For example:
- Correct current living arrangements, length in current address and how much rent you pay
- Where have funds for your house purchase come from, shares, inheritance or a gift from a family member
- Do you hold equity in another property
Being able to show genuine savings is the most common way of getting into the property market, however there are options that can alleviate the stress of the strict rules that most lenders apply, so get in contact with Launch Finance today for further information.