New Build Criteria

Josh and Dion are partners. They've been in their respective fields - a solicitor and aerospace engineer - for a year, with a combined income of £120,000. They are looking to maximise affordability and currently have a gifted deposit from Dion's mum who lives in France, a deposit from savings and a 5% builder's gift deposit.

Scenario: They are looking to borrow the absolute maximum and utilise all sources of deposit to purchase their New Build property.

How can MPowered help?

We can offer up to 5.5x LTI on joint household annual incomes above £100,000.

We can offer up to 90% LTV on New Build houses.

We can consider gifted deposits from abroad subject to them already being transferred into a UK bank account. We'll also need to see proof of the original source of funds.

We're happy to consider up to 5% of the purchase price as a builder's gifted deposit.

Denice is a single mother with two children. In addition to her main income, she currently receives child benefits as both of her children are under 13 and child maintenance which has been paid for a year. Her deposit has come from a divorce settlement.

Scenario: Purchasing a New Build flat and would like to use both the child benefits and child maintenance for affordability.

How can MPowered help?

We can accept child benefit provided the child is 13 or under. We also consider child maintenance without a court order/CSA agreement, as long we're given evidence of this being paid for a minimum of 3 months and the term doesn't exceed oldest child's 18th Birthday.

We can offer up to 85% LTV on New Build houses.

Furthermore, we can consider a deposit from a divorce settlement.