- Client: Greek national and resident
- Property: Flat in London
- Property value: £2.975M
- Loan amount: £1.934M
- LTV: 65%
- Rate: 2.95%, 5-year fixed
Enness was approached by a Greek national and resident looking to purchase a flat in prime central London. Valued at £2.975M, the property required a mortgage of £1.934M, representing a 65% loan-to-value.
As the client was based outside the UK, the main challenge was finding a lender comfortable with their nationality, residency and wider financial circumstances. International borrowers can face additional requirements around the currency in which they earn their income, the location of their assets and their overall source of wealth.
Rather than approaching the mainstream market without a clear understanding of the client’s circumstances, Enness identified lenders with experience in international property finance and an appetite for lending to overseas residents purchasing UK property.
We secured a £1.934M mortgage at 65% LTV on a five-year fixed rate of 2.95%, providing the client with the financing required to complete the London purchase while retaining a proportion of their capital.
The case demonstrates the importance of matching an international borrower with a lender that understands their circumstances. Nationality and residency are only part of the assessment; lenders may also need to consider income currency, overseas assets and the wider structure of a client’s wealth.
Enness regularly assists international clients purchasing UK property, including borrowers who live outside the UK and have income and assets held internationally. A bespoke approach can help identify lenders whose criteria are suited to the individual application, rather than forcing the borrower into a standard lending model.
Disclaimer:
This case study is for illustrative purposes only and does not constitute financial, legal or tax advice. Finance is subject to status, underwriting, valuation and lender criteria. Borrowing against property carries risk, and failure to meet repayment obligations may put secured assets, including property, at risk.
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.
Property values can fall as well as rise, and you may not get back the amount originally invested. Property investments can be illiquid and may take time to sell. Where borrowing is used, your property may be repossessed if you do not keep up repayments on a mortgage or other loan secured against it.
