The Mortgage Advice Bureau helps first-time buyer and NHS doctor secure new home in Glasgow with only a 3% deposit and a low-rate mortgage
The Mortgage Advice Bureau is delighted to share how Mortgage & Protection Adviser, Jordan Moffat, helped first-time buyer Bilal secure his ideal family home in Glasgow with a carefully structured mortgage solution. By combining expert advice with Own New’s Rate Reducer and Darlington’s Visa mortgage, Bilal was able to purchase his dream home close to the hospital where he works and in an area with great schools.
Bilal had his sights set on a modern three-bedroom Persimmon home priced at £295,000. After paying for additional costs such as stamp duty and solicitor fees, Bilal’s deposit was whittled down to 3%. His visa status also limited some mortgage options.
That’s where Jordan’s expertise came in. After carefully reviewing his affordability and goals, Jordan suggested using Own New’s Rate Reducer to structure the purchase more effectively. With Persimmon’s 5% builder contribution:
- 2% allocated to the deposit
- 3% used to reduce the mortgage interest rate with Own New
This meant Bilal could buy with only a 3% deposit while also ensuring more affordable monthly repayments of £1,324. The outcome was a tailored mortgage solution that allowed Bilal to achieve homeownership in the location he wanted, without exceeding his budget. The case highlights how combining the right mortgage product with Rate Reducer can help buyers overcome common affordability challenges and secure their new home with confidence.
For more information about Rate Reducer, speak to a participating home builder or broker.
*Consider getting independent financial advice before making any financial decisions on whether Rate Reducer is right for you. Your home may be repossessed if you do not keep up repayments on your mortgage, equity loan and other loans secured against it.
