- Circa £430,000 mortgage
- Approximately 70% loan-to-value
- Foreign currency income accepted
A client based overseas was preparing to return to the UK for the foreseeable future. Although relocating, the client would remain employed by their overseas company and continue to receive income in a foreign currency. They were seeking to purchase their first residential property in the UK, with a purchase price of approximately£600,000.
Most mainstream lenders prefer borrowers to be UK-based and earning in GBP and typically require a track record of UK residency. Earning in a foreign currency and returning from abroad significantly reduced the available lending options.
Through our specialist lending relationships, we secured a mortgage of £430,000, representing approximately 70% loan-to-value. The lender took a pragmatic and commercially minded view of the client’s stable foreign income and was satisfied that affordability remained strong despite currency exposure. This enabled the client to return to the UK and complete their first home purchase without delay.
Property Risk Warning
Property values can fall as well as rise, and you may not get back the amount originally invested. Property may be illiquid and can take time to sell. Where borrowing is secured against property, failure to meet repayment obligations may result in repossession.
Foreign Exchange Risk Warning
Where income or assets are held in a foreign currency, changes in exchange rates may affect affordability and the cost of servicing a loan. Movements in currency markets could increase the amount required to meet repayments when converted into GBP.
Information contained in our case studies is for market and illustrative purposes only. In some cases, these may be made up of multiple cases and are for illustrative purposes only.
Some case studies are made up of enquiries that have come into the business, not all business completes, and the posting of a case study does not represent a completed piece of business.
Property values can fall as well as rise, and you may not get back the amount originally invested. Property investments can be illiquid and may take time to sell. Where borrowing is used, your property may be repossessed if you do not keep up repayments on a mortgage or other loan secured against it.
