Unable to secure a mortgage with a high street bank due to foreign nationality23rd February 2015
This case study is for illustrative purposes only and does not constitute advice.
Your home may be repossessed if you do not keep up repayments on your mortgage.
I was contacted by a client of US nationality, who wanted to buy a property for sale in the Cobham area and they currently resided in the United States.
They had seen a brand new property available for £1.5 million and they needed to borrow 75% of the property value.
The client was a Finance Director of a large Multi-National company with income derived from various allowances along with basic income.
Due to the nature of the client’s residency overseas currently and their Visa status when they arrive in the UK, our clients would not be able to secure a mortgage for them through a ‘High Street’ bank.
Knowing our client's residency oversaeas and their visa status, I knew we wouldn't be able to arrange a mortgage via traditional High Street means, instead I contacted an Offshore arm of a major UK bank, who were more than willing to lend the full 75% required to enable this purchase to happen, where others would have not been able reach the full 75% or they would not allow lending over the £1 million mark.
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