How we made a home dream possible

Here we see how Saga Mortgages helped a mum and son achieve their property dream. Thanks to an income boost mortgage, Cameron and Elizabeth were able to join financial forces and purchase Cameron his first home.

Meet Cameron and Elizabeth

Cameron’s journey to homeownership was far from simple. He had dedicated himself to working at his part-time job as a kitchen assistant, saving every penny he could and using a Help to Buy ISA.

He was also able to escape rental costs, thanks to the fact he lived with his parents at his childhood home in Scotland. But even without paying rent, Cameron’s situation wasn’t promising due to the soaring property prices in his local area.

Cameron’s mum, Elizabeth, and her husband had used a ‘Right to Buy scheme’ to purchase their ex-council property in 1993 for £35,000 – a far cry from its current value. They’d lived there for just over 30 years and had both worked extremely hard over the years; Elizabeth working for over 22 years at a care home.

Elizabeth and her husband took great strides to pay off their mortgage – not only once, but twice. They managed to pay off their original mortgage, then a remortgage they had used to pay for an extension on the house.

Navigating soaring house prices

Despite Cameron working tirelessly for the past five years and managing to save a good deposit, soaring property prices in the local area put homeownership just out of reach. “We looked around everywhere locally but they were all just too expensive,” says Elizabeth.

“Eventually, we found a pensioner's one-bedroom bungalow in the next village for just £135,000! A lovely mature garden, big driveway. Cameron loves gardening, so it seemed perfect for him.” After seeing the house in person, Cameron and Elizabeth became even more convinced that this was the house for him.

Best of all, Cameron could afford to pay the deposit on the new house by himself, due to his diligent savings! It seemed like a dream come true. The only issue was the mortgage payments. With Cameron’s modest monthly income, the payments were looking steep.

How Saga Mortgages helped

Cameron’s mum Elizabeth got in contact with her normal mortgage lender to see if there was anything they could do to help Cameron. Disappointingly, she was met with an impatient call centre agent. Although they informed her that a guarantor mortgage would be the best fit for Cameron’s situation, they seemed uninterested in helping Cameron.

Elizabeth found this “rubbish”. She started looking online for anything or anyone that could help Cameron buy his home. And this is when she stumbled across Saga Mortgages.

“It’s so funny because my husband actually worked giving historical talks for Saga Holidays back in the 80s, when we first got married,” says Elizabeth.

“When I found out they did mortgages, it was a huge surprise!” In February, Elizabeth got in contact with Saga, who partnered with Tembo late last year to create Saga Mortgages. She was immediately put through to the customer success team who were able to find her and Cameron a solution. 

Making home happen

Through their calls with the Saga Mortgages customer success team, Elizabeth learned that the best option for helping Cameron was an Income Boost. Also known as a Joint Borrower Sole Proprietor Mortgage, this type of guarantor mortgage would allow Elizabeth to combine her income with Cameron’s income.

This would make his borrowing potential 3.6 times higher! “They just explained it all so well,” says Elizabeth. “Even though it was new to me, there was no confusion. Straight after speaking to Tanj, we got an email with all the details.

There was also no rush on any of the calls. They explained everything and then backed it up straight away with an email. And what’s more, we trusted that they were getting us the best deal they possibly could.” With the help of their dedicated mortgage advisor Jack and case manager Becky, Elizabeth and Cameron were able to submit the mortgage application the very next day. Just over a week later, the application was accepted.

Their mortgage team managed to secure them a 4.89% interest rate for five years. Elizabeth would contribute towards his mortgage, with Cameron paying the rest. “For us, it’s the best option,” says Elizabeth. “Without the Income Boost, Cameron would never be able to afford it.

We can afford to help and see him settled.” Since moving in, the Spratt’s have been hard at work making Cameron’s bungalow a home. They’ve ripped out old flooring, redone the 1970’s ‘avocado suite’ bathroom, and taken full advantage of the veggie patch in the garden. “None of us expected it to happen so quickly,” says Elizabeth. “Cameron is thrilled to own his own home.” And for Elizabeth and her husband, the peace of mind is that Cameron is secure in his own home.

The Saga Mortgages special touch

Whether you’re looking to upsize, downsize, manage your finances or help a loved one onto the property ladder, Saga Mortgages is here for you. We partner with award-winning brokers Tembo, whose friendly experts are on hand every step of the way.

“Efficient, friendly, individual support” was how Elizabeth described her Saga Mortgages experience. “There was no anxiety about anything going wrong in the process. Every email was answered immediately.

Although it was always going to be a stressful process, the Tembo team made it a lot easier, and helped make it less stressful!” Saga Mortgages gives you access to deals from a wide range of high-street lenders.

Just some of these names include HSBC, Natwest, Halifax and Barclays. You can also access mortgages from specialist lenders such as Metro Bank, Livemore, Skipton Building Society, Kensington and Generation Home. Complete a quick fact find to see what mortgage deals could be available to you right now.