My client was looking to purchase his second home in London, a grade 2 listed property worth £4.8million.
A French National living and working in Dubai while his partner is a resident in the UK. He had been living in London for 17 years, prior to moving to Dubai 5 years ago.
A family home in London for himself, his partner and children.
Due to the nature of his company accounts and the way they were set up, his net profit figure was lower than his actual revenue figure. This created a problem for the lenders, as the net profit figure is what they use to determine the client’s affordability.
Instead of basing his revenue from his company accounts, I gave the lender an accountant reference which outlined his revenue per year over the last three years. This would demonstrate my client’s actual affordability.
I managed to arrange a rate of 3.24% over a 2 year fixed term on an interest-only basis. The lender in question placed my client on a foreign currency/ resident mortgage package which corresponded nicely with his requirements.
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