Our client is a 67 year old living and working in Dubai. He is Australian passport holder, with no substantial assets in the UK. He has a good annual income, but no credit history. Before meeting us he had resigned himself to having to liquidate £650k of Australian assets in order to purchase - in cash - a retirement home in UK.
Having discussed the situation with him, we have negotiated - with one of our private bank partners - an interest-only loan up to 60% loan to value (LTV ratio) over a rolling 5 year term.
He intends to repay the loan by the age of 75, but was pleased with the flexibility that this arrangement gave him, both with his Australian assets and with his monthly payments.