Two Belgian nationals approached Enness Global after relocating to the UK with their two young children. One client worked for a large multinational pharmaceutical company and had recently been transferred to the UK. Having been resident in the country for only three months, they were looking to purchase their first UK property and had identified a new-build home in Cambridge. They were seeking financing at approximately 85% loan-to-value (LTV).
The second applicant had not yet secured employment in the UK, which placed additional pressure on affordability. The employed applicant had also been with their current employer for only 10 months, meaning the overall application required careful consideration of the applicants’ income and circumstances.
As the clients had only recently relocated, they had limited UK credit history and had not yet established a substantial UK credit footprint. This can make higher-LTV borrowing more challenging, particularly where lenders have minimum requirements around UK address history. The fact that the property was a new-build added another consideration, as some lenders apply specific LTV restrictions to new-build properties.
Enness identified a lender with greater flexibility around international applicants and was able to present the clients’ wider financial circumstances, including their previous Belgian address history. This allowed the lender to assess the application in the context of their recent relocation rather than relying solely on their limited UK credit history.
Enness secured an 85% LTV two-year fixed-rate mortgage, subject to lender criteria. The solution enabled the clients to purchase their first UK property despite their recent relocation, limited UK credit history and the additional considerations associated with a new-build property.
This case demonstrates the importance of understanding individual lender criteria when arranging mortgages for international clients. Applicants who have recently relocated may have limited UK financial history, but specialist lenders can sometimes take a broader view of their circumstances and previous financial background.
Risk Warning:
Your property may be repossessed if you do not keep up repayments on your mortgage or other borrowing secured against it.
Disclaimer:
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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.
