Buckinghamshire Building Society Digest Case Study - The Addams Family
27 October 2021
This Halloween, we’re calling on The Addams Family in order to help explain our most recent case study.
Wednesday Addams is employed by the NHS as a Project Support Officer and dreams of owning her own home. Her salary of £24,906 is not sufficient to enable her to get the mortgage she needs (£171,024) to purchase her home, therefore her broker approached
Buckinghamshire Building Society to see if there was any way we could help Wednesday escape the Addams Family home!
Fortunately, Buckinghamshire BS offers Joint Borrower Sole Proprietor Mortgages. In this case, we could see that Wednesday has a career path that would see her income increase to around £47,000 over the next 5 years, as she works her way up to a Project Management role, which would be enough to support the mortgage in her own right.
In order to do this, her parents would go onto the mortgage as Joint Borrowers until Wednesday’s promotion is secured, but would not be on the Title Deeds (preventing them from paying stamp duty). The parents have a joint income of £60,000 in addition to Wednesday’s income. Having assessed the income and outgoings of all parties, Buckinghamshire BS were more than happy to approve the loan and the term was based on Wednesday’s age, which meant a term of 35 years could be offered.
Wednesday now has her dream home and the rest of The Addams Family are happy that they could help out.
Find full details of our products on our site here, or call our team on 01494 879517.
