- Client: US Nationals and North American Residents
- Property Value: Circa £3.5M
- Loan-to-Value (LTV): 60%
- Repayment Structure: Full Interest-Only
In this case, Enness assisted US nationals residing in North America who were looking to purchase a residential property in the UK. The clients frequently visited the UK and had identified a property valued at approximately £3.5M. They required a million-pound mortgage at around 60% loan-to-value (LTV), structured on a full interest-only basis.
The interest-only structure was important to the clients as it provided lower monthly mortgage payments during the term of the facility. Their intention was to repay the outstanding mortgage through the eventual sale of the property, subject to the terms of the mortgage and an appropriate repayment strategy.
The main challenge was the clients’ international profile. As US nationals and residents outside the UK, they required a lender comfortable with non-UK residency and foreign currency income. Many UK lenders were unable to accommodate the combination of their residency, nationality, income currency and preferred interest-only structure.
Enness used its extensive network of more than 500 lenders to identify a lender with the appropriate appetite. We presented the clients’ wider financial position, demonstrating their ability to meet the proposed mortgage payments and associated property costs alongside their existing commitments and lifestyle expenditure.
We successfully secured a full interest-only mortgage with a competitive tracker rate, aligning with the clients’ preference for a variable-rate structure and allowing them to benefit from potential future reductions in the underlying rate. The resulting facility provided a financing structure suited to their international circumstances and objectives.
This case demonstrates the importance of working with a lender experienced in complex mortgage applications involving international income, overseas residency and bespoke repayment structures. By taking a holistic view of the clients’ financial circumstances, Enness was able to identify a lender capable of accommodating requirements that were outside the appetite of many traditional UK lenders.
Enness has extensive experience arranging UK mortgages for international and high-net-worth clients. If you are a US national or overseas resident looking to finance a UK property purchase, speak to a mortgage specialist to explore your options.
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