Our Delayed Start mortgages have launched and we’re already seeing brokers using them in different ways to help their clients. A broker recently recommended it to a first-time buyer struggling with repair costs on their new property.
The client was a single parent, moving with her young daughter. Her homebuyer’s report showed significant work was needed before moving in.
Before receiving her report, she had been proceeding with a standard fixed-rate mortgage with us, but the broker now felt Delayed Start could be a much better fit for her circumstances.
Delaying the start of her mortgage repayments meant she could now focus her money on the essential repairs, to make the property safe and comfortable for herself and her daughter before moving in.
The broker said, ‘Overall, I think this product is a great option for clients where there's a need for upfront work on a new home or concerns around financial overlap when transitioning between properties.’
If you’d like to find out more about Delayed Start mortgages, our latest option made with first-time buyers in mind, visit Delayed Start mortgages.
