Chelsea Property Finance for Retired Non-Resident

PARTNER

Paige Bennett

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Key Facts: 

• Client: Italian National, Monaco Resident
• Property type: Freehold house in Chelsea
• Property Value: £4,500,000
• Loan Amount: £3,375,000
• LTV: 75%
• Rate: 2.24%, 5-year fixed

In this case, we were approached by an Italian national and Monaco resident who was looking to purchase a modernised four bed freehold house in Chelsea. The client was retired and had no active source of income, which meant the income generated from a business sale had to be used instead.

Lenders like to see very regular and steady income from non-resident borrowers. Any income structures that deviate from this can make it challenging to access the cheapest package or borrow as much as you would like. Multiple income streams, multi-currency income, income from trust structures, or a ‘lower’ income that is heavily supplemented by big bonuses can hamper your chances of borrowing as much as you like. In some cases, it can inhibit your ability to borrow at all.

Enness can help Monaco residents access UK property finance with unusual or complex income. Your broker will make sure lenders understand your financial background and circumstances, rather than simply taking your situation at face value, as many are apt to do without more incentive to look closer or understand the whole picture.

Enness will analyse your assets and financial background to help you understand the best option for a UK mortgage, who the best lenders are, and how to show your application in the best possible light. With proven experience dealing with challenging scenarios, Enness will be able to secure a mortgage for you, even if you have a delicate or unusual background.