Darlington Update

First-time buyer working in Dubai obtains mortgage from Darlington Building Society to buy a UK home

A first-time buyer who had moved to Dubai for work wanted to buy a home in the UK, as when they return to the UK, they currently stay with their parents. They were paid in local currency and had been in the role for 12 months. Over time, they had saved a 10% deposit, and their parents gifted a further 10%, taking the total deposit to 20%. The aim was to secure a home of their own for when they return to the UK.

This case involved several aspects that can make a mortgage application more complex. The client was a first-time buyer, with income paid in a foreign currency. The deposit also included a gifted element from family. On top of this, the client was living abroad but wanted a UK residential mortgage rather than a buy-to-let.

The loan amount was £383,200 at 80% loan-to-value and the property being bought was in Cheshire.

The broker placed the case with Darlington, which has recently updated its lending criteria. The latest change means the Society can now consider first-time buyers who are paid in foreign currency. This allowed the client’s application to be supported and progressed with a lender whose criteria matched the client’s circumstances.

Chris Blewitt, Head of Intermediary at Darlington Building Society, said:

“This case perfectly highlights how our changes to criteria can help borrowers own their first home and who previously may have struggled to obtain a mortgage. This particular case had various complexities that would have meant the case being declined by most other lenders. However, each aspect we were comfortable with and so this case perfectly demonstrates how we can assess such complexities in isolation and make a sensible lending decision to enable someone to own their first home.”

Discover how Darlington Building Society can support your mortgage needs today. Visit our website at https://www.darlington.co.uk/darlington-intermediaries