High Net Worth Mortgage for Canadian National

GROUP MD

Toby Johncox

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Key Figures: 

• Client: Canadian National & UK Resident 
• Property type: Central London Family Home
• Property Value: £8,500,000
• Loan Amount: £5,525,000
• LTV: 55%, dry lending
• Rate: 2.5% + BBR 
• Term: 5 years

Here at Enness, we predominately work with high-net-worth and serious borrowers who understand and value the firm’s contribution and want to ensure a clear process and excellent execution. A recent case involves arranging a high value mortgage for a foreign national. 

Our client was a Canadian National and UK Resident who was looking to purchase a family home in London worth £8.5M. The buoyancy of the UK’s property market – particularly London – means that this isn’t an unusual scenario. However, despite high demand, many lenders will be hesitant to let you borrow if you are not a UK national and you live abroad, regardless of your net worth.

Regardless of whether you are a UK national or not, if you live abroad, a mortgage application process is likely to be paper-heavy and very time-consuming, with lenders taking considerable time to review and assess your mortgage application, and there’s no guarantee they will accept. The higher value your mortgage, the more difficult it is to find financing.

Ultimately, you need a lender that can comprehend and will accept:

• The currency you are paid in
• Your residency and nationality
• Global assets and wealth

Enness regularly works with foreign property investors, expats and other individuals who want to buy UK real estate despite being outside the UK. In this case, we successfully arranged a 55% LTV (loan-to-value) dry loan at a competitive interest rate of 2.5% with a 5 year term. As this case illustrates, some lenders can accommodate you, notably international banks, which are used to dealing with international clients with global assets.