In this case, we were approached by an American national and resident who needed to finance the purchase of a London property, as they were moving to the UK for their job. The client was looking for a 75% loan-to-value (LTV) mortgage with no early repayment charges. This was important for the client from the perspective of planning their retirement.
We were working against a deadline as the client wanted to complete the purchase before their upcoming move to London. However, they didn't know how to get the best mortgage as they were unfamiliar with the UK mortgage market and the application process.
UK high street lenders remain hesitant to lend to American nationals due to regulatory and reporting obligations, although this is changing. However, the product offering of high street lenders remains more limited than with specialist lenders or private banks. In this case, we knew that a mainstream lender would be unable to offer the client a personalised package that met their requirements, especially concerning the fact they wanted no early repayment terms. We approached private banks to explore options for the client on the basis they would be able to provide bespoke underwriting and a tailored mortgage.
We negotiated a 75% LTV interest-only mortgage from a private bank for the client. The client did not have to place assets under management, and we could arrange that there were no early repayment charges, allowing the client more flexibility with their monthly mortgage payments. Moving quickly, we completed the mortgage working to the borrower's timeline for their move to the UK and keeping their involvement to a minimum, as had been requested, so that they could focus on their upcoming move across the Atlantic.
Any time we arrange a mortgage, we will secure multiple offers for you to compare. Your broker will then talk you through your options to help you understand the best offer and which lender is providing the most competitive terms. We will also walk you through the process and any potential risks and pitfalls you need to consider – this is especially useful if you haven't taken out a mortgage in the UK before or are unfamiliar with any part of the property financing process, as can be the case for many non-residents buying property in the UK.