90 per cent UK mortgage on Norwegian Krone earnings

Area
Glasgow
Capital Raised
£234K

UK mortgage applications for British citizens with foreign-currency earnings shouldn’t be a drama. But with some lenders it can be a pretext for less-than-competitive rates.

The Scenario

Our clients both work for a US oil company: he for the UK subsidiary (paid in sterling) and she for the Norwegian base of operations (paid in Krone).

They were bidding for a four-bedroom house outside Glasgow valued at £260K, but there were other keen buyers, so they wanted to offer over valuation, at £270K, and speed-to-exchange was going to be critical. They had just a 10% deposit to put down.

The Solution

We took their application to a lender we know can offer good mortgage rates on foreign currency earnings.

Based on our clients’ strong earnings records and clean credit scores, they were willing to lend at 90% LTV, with a five-year fixed mortgage at a very respectable 2.32%.

The over-valuation price wasn’t an issue, given the strength of their earnings, with the full amount of the wife’s income being taken into account for affordability (no deductions for currency variations).

We were able to give the clients an AIP on the day they rang us, so they had the confidence to make their offer. There was a minor glitch to be clarified: the couple were recently married, so her history of payslips were in her maiden name. A copy of their marriage certificate, and evidence of the consistent earnings amount in her bank account, were sufficient to substantiate her earnings record.

The lending was confirmed seven working days later, so the couple were able to exchange swiftly on their new married home.

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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