There are any number of factors that can make it difficult to secure a large mortgage in the UK – such as being a foreign national, being self-employed, or being a high net worth individual (HNWI) with complex income.
If there are several factors in your case that complicate your mortgage application, it can become very difficult to source a large loan. Unless you have the help of an expert broker, that is – as we proved when we arranged this interest-only mortgage for a foreign national.
Looking for residential property finance in the UK? Speak to a broker today, or download our guides, Mortgages for self-employed borrowers and Maximising your borrowing as an expat or foreign national.
The client:
The client in this case was a foreign national, originating from what lenders perceive to be a high-risk country. He had no UK credit footprint, which is another significant barrier to securing finance. He was also self-employed, which can be a challenge even for British nationals.
He was looking to purchase a property in London valued at just under £1 million, at a loan to value (LTV) of 70%. He was also keen to achieve this on an interest-only basis, if possible.
The solution:
Since there was an extremely limited chance that this individual would be able to secure a mortgage by himself, given the factors at play in his background, we knew we would be able to save the client a great deal of time and stress in his search
Mortgages for Middle Eastern borrowers can certainly be complicated, so we’ve nurtured relationships with the appropriate lenders to support our capabilities in this area. We approached a Middle Eastern bank that specialises in UK lending for foreign nationals, and were able to negotiate for terms suited to the client.
This was a great resolution for a highly complex case, and a particularly clear example of how our lender knowledge is invaluable when it comes to finding solutions where others can’t.
The case in brief:
Self-employed Middle Eastern foreign national
- Buying high-value property in the UK
- Interest-only mortgage at 70% LTV
- Placed with a niche bank specialising in foreign national mortgages