Property price: £470,000
Over how many years: 2 years fixed
The property was situated just outside of London; It used to be the client’s main residence but he wanted to then move to the US with his family.
The client was a British national, who moved to the US 6 years ago for work purposes. He now wanted his whole family to move over to the US and therefore needed a bigger property.
The client was looking to release equity from his property in the UK to fund a purchase in the US, which will ultimately be his main residency for him and his family.
Most lenders are very apprehensive when it comes to money leaving the UK, therefore they often restrict the ability to release equity if it’s understood the money is leaving the country.
I approached a global lender who has worked on these types of cases before. I was able to arrange a mortgage in principle (agreement in principle in the UK) from the US which gave comfort to the lender in that the money was going to a worthwhile investment (a family home). Having shown the lender that the mortgage was going forward and everything had been agreed thus far, the lender was happy to proceed.
The loan amount for the property was originally £240,000; we were able to release a further £90,000 and the client was able to proceed with his property purchase in the US. The client was very happy with the outcome and could finally create the perfect family home.
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