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Tricky Mortgage for Foreign Nationals
Summary
Our clients were told by 2 Mortgage Advisers and an estate agent that they would not be able to get the mortgage they needed to buy the home they wanted in the UK.
Mr and Mrs V are South African nationals, and having moved to UK, they were looking to purchase a family home. They were looking for a new build property over £1m, with a 90% LTV. We had to take into account various income variables - such as one of them having a fixed PAY-e income, and the other being self employed, with income in a foreign currency. Furthermore, we only had one years full accounts.
"We are relieved we don't have to rent for the long term, and we are happy to be in a position to lay down roots for our family"
We managed to secure a mortgage offer with a reputable bank, at a competitive rate and achieve the high borrowing using both incomes. In addition, we were proud of achieving the high LTV on a new build house for our clients.
The clients were delighted to be able to finally purchase a home for their family, and start a new life in the UK.
The value of investments and the income from them can fall as well as rise and you may not get back the amount originally invested. The information contained within this case study is for guidance only and does not constitute financial advice.
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