A couple living and working in Dubai approached Enness seeking a buy-to-let mortgage for a new-build property in London valued at approximately £800,000. They required a suitable funding structure within a tight timeframe to support the purchase.
The application involved several considerations. One applicant had recently changed employment, meaning the new income needed to be assessed carefully by the lender. The other applicant was an Egyptian national, which further narrowed the pool of lenders willing to consider the application. The time-sensitive nature of the purchase added another layer of complexity.
OUR SOLUTION
Enness identified a lender able to consider the new employment position because there was no probationary period attached to the role. This allowed the new income to be taken into account when assessing affordability.
The lender also had experience with Egyptian nationals and was able to consider borrowers receiving their income in US dollars from a multinational employer. This made it possible to structure the application around the couple’s international circumstances while meeting the lender’s requirements.
The resulting buy-to-let mortgage was arranged on a fixed-rate basis over a 20-year term. Enness worked closely with the relevant parties throughout the application to help maintain momentum and keep the transaction on track despite the lender’s standard processing times.
The facility was secured in time for the clients to proceed with the purchase. The case demonstrates how specialist mortgage expertise can help international borrowers navigate applications involving recent employment changes, overseas residency and nationality considerations, particularly where timing is important.
Disclaimer:
This case study is for illustrative purposes only and does not constitute financial, legal, tax or investment advice. Finance is subject to status, underwriting, affordability, property suitability and lender criteria. Terms, rates, LTVs and availability may vary depending on individual circumstances.
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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.
