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Case Study: Foreign National Buy to Live Mortgage

Proposition

Our client – a US national living in the States with no familial ties to the UK – wished to purchase a two bedroom flat in Colindale, where he planned to live during the months that he would be working in the UK each year. There were three main obstacles to our client’s aspirations: firstly, it was necessary that he account for the running of two houses, because, in addition to the flat he was hoping to purchase in the UK, he also owned a property with a mortgage in the US, which had to be factored into the affordability assessment for his second mortgage. Secondly, our client was paid in US dollars, which disqualified him from the consideration of certain lenders. And finally, many lenders are reluctant to offer buy-to-live mortgages to foreign nationals because they believe that foreign mortgage holders will let out their property regardless of their stated intentions. It was therefore necessary to locate lenders who were willing to take our client’s stated intentions at face value.

Solution

We were able to obviate the first of these difficulties with relative ease, because our client’s income was of sufficient size as to convince most lenders of his ability to run two properties at once.  In addition, while some lenders are reluctant to accept foreign income in their affordability calculations, there are many others who are perfectly happy with an overseas income source. The final hurdle created the greatest difficulty, because there is no sourcing system available for expat or foreign national mortgages of the type desired. Having worked out which lenders would be receptive to mortgage seekers with a foreign income stream, we then chose to send out an anonymised summary of our client’s situation to a number of lenders who have proved open to clients with similar profiles in the past. A number of lenders were responsive, and we were able to secure our client a competitive mortgage of the amount he desired.

Lending Facility

We were able to secure our client a 5 year fixed repayment mortgage of £315k with an LTV of 75% and a rate of 3.65% and a monthly mortgage payment of 1,863.69.

Case Study: Foreign National Buy to Live Mortgage

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Mortgage advance received today. The service was simply great. I tried approaching couple of banks directly prior to contacting private finance but after going through PF I felt it was money well spent and prices was simply hassle free. The service and advice was simply great. Being a first time buyer, I had several questions. Anuj was my advisor. This rating is mostly for his service. He was very patient in explaining details and options I had. With limited validity on my visa my colleagues told me that, I will have only one or two options and I din't have a great experience directly dealing with banks. Anuj got me better mortgage options given my situation. He was very responsive and friendly. I also had some target in terms of timelines due to my vacation. He made sure that everything was sorted out before I left for vacation. Great experience. I would definitely recommend. Special thanks to Anuj for amazing support.
I returned to Nathan when renewing my mortgage as he had given me such great service in the past. He has been extremely helpful both in securing a good deal and making my options very clear. I would highly recommend him.
Fast and efficient service from Michelle Clack at Private Finance. She quickly understood our remortgage requirements and came up with some good solutions. The process was efficiently managed and without any stress for us.
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