Mortgage for a US national first-time buyer on a £7million London property
14th September 2018
THE SCENARIO
At Enness we pride ourselves on helping first-time buyers. We are experts at overcoming difficulties that arise with high net worth cases, especially when the client in question is not from the UK. My client was a US national but had acquired British residency by marriage. He worked as a hedge fund manager and therefore had high incomes which came in GBP and USD.
My client wished to purchase a stunning £7million property in London. This was his first UK property purchase and he was looking for loan to value (LTV) of 85%, far higher than the 60-70% average.
To add to this, my client received a bonus income in USD. This creates complications when calculating net worth as US citizens require extra reporting due to the US Inland Revenue Service policy with tax returns filed there.
OUR SOLUTION
I understood the necessity of finding a lender with a strong international presence that would appreciate the complexities of this case. Fortunately, at Enness we have a vast network of lender contacts and I was able to secure my client’s desired 85% LTV at a rate of 2.54% plus base rate on a 5-year interest only fixed term. This was the ideal solution for my client.
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