- Client: Saudi Arabian National & Resident
- Property: Freehold flat in Chelsea
- Property Value: £3,200,000
- Loan Amount: £1,550,000
- LTV: 48%
Enness was approached by a Saudi Arabian national and resident who was looking to finance the extension of the lease on a Chelsea apartment. The property had originally been purchased for £2.5 million with a 10-year lease, and the client wanted to extend this to 999 years. The cost of the lease extension was £1.5 million, with the property expected to be worth approximately £3.2 million once the work was completed.
The client’s circumstances added complexity to the financing. They were involved in several successful businesses and served as chairman of a Saudi-based entertainment company, with a significant proportion of their income received in Saudi riyals. The combination of multiple income streams, overseas residency and foreign currency income meant that a conventional mortgage assessment was unlikely to reflect the client’s overall financial position.
Rather than approaching lenders based solely on the client’s earned income, Enness considered the wider picture, including their business interests, income structure and overall wealth. This allowed us to identify lenders with the appetite and experience to consider an international borrower with a more complex financial profile.
We approached a private bank that was able to take a holistic view of the client’s circumstances and assess their wider wealth and net worth alongside their income. The lender subsequently offered a £1.55 million mortgage at a competitive rate of 2.99%, providing the capital required for the lease extension.
The case demonstrates how the right lender can make a significant difference when financing high-value UK property as an international borrower. By presenting the client’s circumstances in context and approaching a lender comfortable with foreign currency income and complex wealth structures, Enness was able to secure a solution that mainstream lending criteria may not have accommodated.
Enness works with MEA-based high-net-worth individuals and families seeking finance for high-value UK property. Our specialist team can help structure and negotiate UK mortgages for non-UK residents with complex income, international assets and multiple sources of wealth. To discuss your scenario, speak to a mortgage specialist.
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