£2.7m High LTV Purchase for Partner in US Equity Firm

£2.7m High LTV Purchase for Partner in US Equity Firm

Area
North East England
Capital Raised
£2.3m

Complex income, high LTV, expat status and client demands: this case had it all, and we met every one of their needs with a high value, versatile mortgage solution.

The Scenario

Our client was a high-earning, British expat currently working as partner for a large US fund manager.

They were planning to relocate back to the UK permanently, and were looking to purchase a £2.7m main residence in north east England.

However, there were a number of requirements and complications with their situation that they needed taking into account:

  • Due to their position in their company, they had a complex income comprised of base salary, bonuses and profit share - this can put many lenders off.

  • They needed a lender that would be comfortable with them returning to the UK permanently.

  • They needed a high 85% LTV mortgage to help them cover their Stamp Duty Land Tax.

  • They wanted their mortgage split into two separate products: a Two-Year Fixed Rate and a Five-Year Fixed Rate.

  • Our client also wanted the full loan on an Interest Only basis.

The issues here are that our client needed a lender who would understand their unique income structure – they were technically a self-employed expat.

In addition, typically the maximum LTV for a purchase price of £2m+ is 65-75%, so acquiring an 85% LTV would be a challenge.

Not to mention the fact that mainstream lenders were only offering 65% LTV products for Interest Only mortgages, meaning that they would likely need a significantly higher deposit which they couldn’t source.

And finally, not all lenders can accommodate for mortgages to be split into two separate products as they had requested.

They couldn’t afford to do this due to their large stamp duty tax bill, which was 2% higher due to their current non-UK resident status.

The Solution

We secured a mortgage with a UK based Private Bank that met all of our client's requirements:

  • 85% LTV mortgage
  • Full Interest Only basis loan
  • Split into two products
  • Complex income and expat status accepted

This case demonstrates the flexibility and resilience that a Mortgage Broker like Clifton Private Finance can provide.

We don’t stop at the first hurdle... or the second, or the third. And no matter how complex your property purchase is, we will do everything possible to find the best mortgage solution for you.

 

Jacob Phipps

Finance Broker

Bristol

(+44) 0117 959 5094

Are you looking for a similar type of property finance? I specialize in helping international clients source residential and investment property finance for UK property. Please get in touch and we can arrange a time that's convenient for you to discuss your situation.

Jack Spillane

Finance Broker

Bristol

0117 959 5094

Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need.

Mathew Phillips

Finance Broker

Bristol

0117 959 5094

Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.

Alex Chambers

Senior Finance Broker

Bristol

0117 403 4324

Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.

Luther Yeates

Senior Finance Broker

Bristol

0117 244 5561

Are you looking for a similar type of property finance? I have extensive experience finding residential and investment property finance for UK and international clients. Please get in touch and we can arrange a time that's convenient for you to discuss your situation.

Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

Is your situation similar? I am a bridging finance specialist at Clifton. I can find a quick, cost-effective solution for the funding you're looking for.

Robert Gibb

Senior Finance Broker

Bristol

0117 959 5094

Are you looking for mortgage or short-term finance for residential or buy-to-let property (including HMOs)? I have extensive experience in finding property finance solutions for UK and international clients, both as individuals and limited companies. Please give me a call and let me see what I can do for you.

Adam Arnott

Associate Director

Bristol

0117 205 0214

Is your situation similar to this? I have extensive experience of advising clients who need creative property finance solutions. Please get in touch and we can arrange a time that suits you for a detailed discussion of your requirements.

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