Complex Property Purchase For High-Net-Worth Joint National

ASSOCIATE DIRECTOR

Harry Derrick

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Key Details:

• Client: High-Net-Worth British/ American Joint Resident
• Property: Residential Property worth almost £2 Million
• Property Ownership: Personal Name
• Loan: Over £1 Million
• LTV: 65%
• Product: Base Rate Tracker at 1.24% over base.

We recently completed a loan where we were approached by a High-Net-Worth client who wanted to purchase a main residential property for themself and their partner. At the time, they moved country but decided to continue working for their original, now foreign firm, which served as a challenge. We needed a lender to be comfortable with continuing to use this income for affordability whilst accepting their income being paid in a different currency, making it a complicated structure that they were being paid in.

As well as this, the client wanted to keep their monthly payments down and therefore wanted to take the full loan on an Interest-only basis, using downsizing at the end of the term as the repayment vehicle as there were no other British assets that could be used.

Due to the client’s High-Net-Worth status, we were able to arrange precisely the structure he wanted with a British Private Bank, as well as offering an attractive tracker rate, which was the client’s preference.

We managed through various letters and confirmations to get them comfortable with their income being consistent going forward, which meant they could borrow the full amount required to purchase the property. We arranged a competitive tracker product at 1.24% over base, and the client will have a private banking relationship going forward.  

This evidences our ability to provide attractive, flexible finance for clients either based internationally or with international income and assets.