UK Property Purchase for US Nationals with Complex Income
26th July 2023
- Client: US Nationals & Residents
- Purchase price: £750,000
- Mortgage: £562,500
- LTV: 75%
In this particular case, Nick Jones was approached by overseas residents and borrowers who were looking to purchase one of their parents' holiday homes nestled in the United Kingdom.
Both borrowers were self-employed, working in the rapidly evolving technology industry, and impressively, they had substantial exposure to cryptocurrency, leading to somewhat irregular forms of income. Unfortunately, this complexity had resulted in previous mortgage applications being declined. However, their desire to own the family holiday home fuelled their determination to explore alternative avenues.
The solution involved utilising the substantial equity their parents had diligently built up over the years in the property, allowing them to form their 25% deposit. This unique approach allowed them to fulfil their dream of becoming homeowners without the burden of having to put down their cash deposit. Despite facing the additional challenge of being non-UK residents and thus not having a credit profile in the country, the team remained undeterred.
To the clients' delight, Nick Jones skilfully navigated and resolved these challenges. With reach to an extensive network, Nick swiftly secured a competitive finance package at a mere 1.3% over the base rate, much to the client's satisfaction.
The clients were provided unparalleled support throughout the process, extending beyond mortgage arrangements. Enness, with their commitment to excellence, facilitated introductions to reputable UK tax advisers, solicitors, foreign exchange specialists, and insurance providers. The clients were extremely pleased by the support they received, making their entire experience from inception to completion genuinely seamless.
As such, the clients were left with a great experience from start to finish despite this being their first UK property purchase.
To further emphasise how satisfied the clients were, we've included their TrustPilot review below:
'I came to Nick at Enness with an increasingly complicated case. I let him know that I am still in the fact finding stage and not ready yet to start the process. I kept throwing new ideas and complications at Nick and he met them with enthusiasm. He came up with workable solutions that will allow us to get our complicated loan when we are ready.'
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