- Client: European National and UK Resident
- Property Value: Circa £700k
- Requirement: First-time buyer mortgage
Enness was approached by a first-time buyer looking to purchase their first home in the UK. The client had specific requirements for the location, including access to local facilities, activities and a vibrant community, so finding the right property was important to them.
The financing presented a more complicated challenge. Although the client was living in the UK, they had been resident for less than two years and held their income and deposit assets outside the UK. This meant that many conventional lenders were unlikely to view their financial position in the same way as they would a long-term UK resident.
The priority was therefore to find a lender comfortable with both the client’s shorter UK residency history and their overseas asset base, while still providing the level of borrowing required to make the purchase achievable.
Enness approached the residential lending market and identified a UK lender willing to consider the client’s wider financial circumstances. This enabled the client to secure a mortgage at a high LTV despite their income and deposit being derived from assets held outside the UK.
As a first-time buyer, the client also needed to understand how the mortgage could be structured around their budget and longer-term plans. Enness worked with them to consider how they could maximise their borrowing while keeping the overall financing aligned with what they were comfortable spending.
The resulting mortgage allowed the client to move forward with their first UK property purchase while retaining their overseas assets. It also gave them a financing structure designed around their circumstances rather than requiring them to fit the standard profile of a UK borrower.
This case demonstrates how overseas assets and a relatively short period of UK residency do not necessarily prevent a first-time buyer from securing residential finance. The right lender can take a broader view of an international borrower’s financial position and consider assets held outside the UK as part of the overall application.
Enness specialises in arranging UK mortgages for international and high-net-worth clients with complex income and asset profiles. If you are a foreign national or recently moved to the UK and are looking to purchase your first home, speak to a mortgage specialist to discuss your circumstances.
Disclaimer:
This case study is for illustrative purposes only and does not constitute financial, legal or tax advice. Finance is subject to status, affordability, underwriting and lender criteria. Terms and availability will vary depending on individual circumstances and the proposed transaction.
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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.
