The case in brief
- Client: US National & Resident
- Property type: Residential Home
- Property value: £1.8 million
- Loan Amount: £1.4 million
- LTV: 77%
US citizens may face additional challenges when looking for mortgage finance on UK property. Accessing an Expat lender who will take a flexible approach to your mortgage situation will be the best option.
Suppose you’re currently searching for property finance although living overseas. In that case, our page, UK Mortgages For US Citizens, could be a worthwhile read – To find out more about how we do it, explore our Overseas Mortgages page.
Our client
Our client was a US National living in Miami and has a profitable mixed property portfolio in the US. They were looking to purchase a residential property, as their long-term plan was to settle down in the UK to raise their family.
At the time of the application, they were self-employed workers on a day rate and had only had a contract for one year. They were looking to buy off-plan a £1.8 million riverside apartment on the Thames to use as a home base when moving to London, in the near future. Our client required an interest-only mortgage of over £1 million to secure the property. While refinancing this asset, they also hoped for 3 year fixed with our advice due to imminent rising interest rates.
Our solution
As with sourcing any Expat mortgage, particularly when it involves a self-employed applicant outside of the UK, we have several hurdles to clear.
Articus Finance works closely with a private bank with a proven track record of working with foreign nationals. We negotiated a high loan-to-value mortgage, as well as competitive rates. The bank became comfortable with all the previously mentioned difficulties, even though it was a non-traditional mortgage criteria.
The final terms agreed upon was a 3-year fixed term mortgage on an interest-only basis, which aligned perfectly with the client’s plans.
If you are researching for a UK mortgage in unusual circumstances, Articus is the specialist for you!