The case in brief
- Client: British National & Dubai Resident
- Property type: Purchase Residential Property
- Property value: £2.3 million
- Loan Amount: £1.725 million
- LTV: 75%
Expat mortgages are one of our specialities. If you’re a British expat looking to purchase or remortgage a property in the UK, you’ll already know that mortgages can be complicated at the best of times. Learn more about how Articus can assist British expats in obtaining the best mortgage deals, visit our page Expat Mortgages for UK Property.
Our Client
After spending four years working in Dubai, our client’s family had decided to return to England and had been living here for eight months before contacting us. Their plan was to sell their current primary residence in the UK for 1.5 million and purchase a new one for £2.3 million.
The income earner had decided to stay in Dubai, the individual was a Partner at an international retail firm, earning in Dirhams.
Unfortunately, they couldn’t find a buyer for their current property so required a creative solution to enable them to purchase the new property.
Therefore, we could not count on traditional lenders due to affordability and had to approach a private bank that could provide a more customised solution for our client’s situation.
Our Solution
By working closely with a private bank, we were able to secure excellent terms for our client. We simultaneously re-mortgaged their current property onto a buy-to-let allowing them to release equity in order to fund the purchase of the new property with any associated costs.
This particular situation was possible because the private bank, with whom Articus has had a long-standing relationship, was able to review the client’s foreign currency income, business growth and recent financial figures to assess their affordability. The client’s income from the partnership was firm, ensuring they could service the loan.
Finally, the clients desired to decrease their monthly payments by obtaining some of the new residential borrowings on an interest-only basis, as they were borrowing a higher amount than initially planned.
Looking for a competitive bespoke solution? Articus can help. Contact our expert residential mortgage brokers today to get started on your property finance journey.