One market that is extremely disjointed and complex in the UK is using international or foreign income to service UK mortgages. It is so important for international clients to get the correct advice and find an adviser that really understands the market for them. There are lenders that charge clients over 5% for this type of offering.
When we were introduced to this particular client, we knew exactly who to approach to get them the absolute best outcome. First of all the main issues were as follows.
– Income derived from a South African Company
– Income paid in Rand
– Need to borrow against strength of company profit as personal income not sufficient
– New to the UK
– No credit footprint
With all these issues taken into account we were able to offer the following solution for our client.
Purchase price – £1,500,000
Borrowing – £1,125,000 (75% LTV)
Interest rate – 1.59%
Given the international and income complexities this was a great outcome for our client and it allowed them to purchase their first property in the UK in the most cost effective way possible.