First-Time Buyer Lawyer Secures 90% Mortgage on New Build with Developer Incentive
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Overview
A foreign national working as an associate at a London law firm approached us as a first-time buyer looking to purchase a new build flat. With a limited deposit and variable income, including just one bonus payment, he faced several hurdles. Our role was to secure a mortgage that factored in his bonus income and aligned with the property’s long lead time to completion.
The Challenge
The client planned to purchase a new build flat, completing in nine months, using a 10% deposit—half of which came from a developer incentive. This meant his personal contribution was only 5%, which many lenders would not accept. In addition, he needed to rely on his annual bonus to meet affordability requirements but had only received one bonus with his current employer. He was also concerned about the possibility of construction delays and how that might affect his mortgage offer.
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Our Solution
We sourced a competitive 90% loan-to-value mortgage from a high street lender that accepted the developer contribution as part of the deposit and was comfortable with a bonus history of just one year. We ensured the lender included an offer extension clause to accommodate any potential delays in the development’s completion. We added the product fee to the loan to help preserve his limited savings and placed him on a five-year fixed rate to provide security, build equity, and avoid refinancing risk in the near term.
The Outcome
We successfully secured a mortgage that met all the client’s objectives—accepting the developer contribution, utilising his bonus income, and providing long-term rate security. The five-year fixed deal allows him time to build equity while protecting against the risk of short-term market volatility. His offer remains valid through to completion, even if the build is delayed.
What We Can Do for You
If you’re buying a new build with a developer incentive, have a limited deposit, or need to use variable pay like bonuses to boost your affordability, we can help. Our team understands the specific policies of different lenders and how to present your case to secure the best possible outcome—especially when timing and structure matter.
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APPROVED BY THE OPENWORK PARTNERSHIP ON 27/06/2025