In this case, our clients were US nationals and residents of North America. With frequent visits to the UK, they wished to purchase a residential property in the UK. The property that they selected was worth circa £3,500,000. For the property purchase, they needed to raise a mortgage of circa 60% loan to value, on full interest only. These terms would be the most favourable as it would mean that they could enjoy reduced monthly mortgage payments during the mortgage term, then sell the property at the end of the term using the sale proceeds to repay the mortgage.
The challenge in this case was that most UK lenders could not offer the desired mortgage terms, and the clients were residents outside of the UK and non-UK nationals. Another layer of complexity was that their income was earned in a foreign currency and paid in their region.
Despite these challenges, we leveraged our network of over 500 lenders, and we were able to source a lender comfortable with the overseas income. We presented a case for our client that their income was sufficient to cover the monthly mortgage payments and running costs of the new purchase in the UK, in addition to their monthly commitments and lifestyle expenses. The lender was able to provide a full interest-only mortgage and a competitive tracker rate of interest to align with our client's preferences, as they desired to take advantage of any potential rate reductions. Thus, the clients were extremely pleased with the outcome.
We have 15+ years of experience in arranging complex finance for high-net-worth clients and a vast network of lenders we work with to deliver our clients' optimal outcomes. Contact us today to see if we can achieve a similar result for you.
Information contained in our case studies is for market and illustrative purposes only. In some cases, these may be made up of multiple cases and are for illustrative purposes only.
Some case studies are made up of enquiries that have come into the business, not all business completes, and the posting of a case study does not represent a completed piece of business.
