Catherine and Emma
Catherine and Emma wanted to buy a property to rent out for 5 years before occupying.
Background.
Catherine and her daughter Emma were looking to purchase their first property with the aim of moving in after first renting it out for 5 years to help with the mortgage. The home would provide security for both women, while also enabling Emma to eventually care for her mother when it became necessary in her later years.
Catherine has been a nurse for 20 years, while Emma is currently studying to be a nurse. Emma is medically retired from the army and is on a disability pension.
Plan.
As Emma is on a pension, the first step was to secure finance approval with a lender that would accept this.
Catherine works full-time, and neither woman has any credit impairments.
As their plan included renting out the property for the first 5 years in an attempt to chip away at the mortgage, it was important to find a place that had suitable investment return.
The property also needed to suit both women for future living.
Outcome.
Knowing which lenders to approach, Stuart was able to achieve finance approval, even though Emma was on the pension. This allowed Catherine and Emma to purchase their very first property.
They found good tenants who are currently helping them to pay the property down as much as possible before they move in.
