Equity release for British Expat purchasing in the US
7th March 2019
Key Figures
Property price: £470,000
LTV: 70%
Rate: 3.2%
Over how many years: 2 years fixed
What was the property?
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.
Who was the client?
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.
What were they looking for?
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.
Why was this case difficult?
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.
What was the process- how did you get around it?
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.
What was the end result?
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.
If you’re an expat or foreign national looking to secure property finance either in the UK or abroad, please get in touch on +44(0)2037589393 or email us at [email protected]
