The case in brief
- Client: US national & resident
- Property type: Residential purchase
- Property value: £800,000
- Loan Amount: £640,000
- LTV: 80%
Funding the purchase of a property in the UK for a self-employed foreign national can be difficult to achieve. This can be further complicated if the client holds no assets within the UK and has an irregular income stream. This was the case with our American client, who was aiming to fund the purchase of a property in the UK for his children whilst they attended university.
Our client
Our client was a self-employed company founder from the United States. Their intention was to fund the purchase of a property to house their children whilst studying at university and then ultimately to use the property as a holiday home.
In spite of the fact that our client was a high net worth, their income was sporadic and complex plus they also had no asset footprint in the UK. To add to the complexity, the client also wanted to achieve the highest loan to value possible as they wanted to keep as much cash within the United States as possible.
Our solution
UK mortgages for a US citizen can be complex, particularly self-employed mortgages, which can be difficult to obtain. In order to satisfy the requirements of our lender, we needed to demonstrate that despite being a foreign national with an unstable income, the client had a satisfactory net worth to enable the high loan-to-value mortgage repayment.
We worked closely with a private lender who specialised in foreign national mortgages to achieve the optimal outcome for our client. The lender was comfortable with the client’s children living at the property and also the fact that our client’s income came from multiple sources.
Ultimately, we achieved a £640,000 mortgage on a property value of £800,000, with rates of below 2%. This not only met the client’s aims but also secured a high loan-to-value mortgage to ensure that a minimal deposit amount was required.
Enabling a foreign national to purchase a property in the UK requires expertise and an extensive knowledge of the private lending market. An intrinsic understanding of the key requisites of private lenders is needed in order to make a successful application. As a leading foreign national mortgage broker, regularly working with foreign clients, we have the necessary credentials to assist in such cases. GET IN TOUCH TODAY.
