Cayman Islands Expat Mortgage For Surrey Home

Area
Surrey
Capital Raised
£802K

The Scenario

Our client was a partner in a law firm in the Cayman Islands, specialising in trusts. She and her husband owned a home in the Caymans and were looking to buy a home back in the UK which was to be shared with her parents, and used as a base for their return visits and for their son during his boarding school holidays.

Our client had approached her own bank, HSBC, for finance, but they had recently stopped lending to Cayman Island expats.

High-street lenders generally don’t lend to residents of countries that aren’t signatories to the Financial Action Task Force (FATF) – set up to counter international money-laundering and the funding of terrorism. The Cayman Islands is a member of the partner organisation Caribbean Financial Action Task Force (CFATF).

Potential lenders would also need to be persuaded that the property was genuinely a family home rather than a rental / investment property, in order to grant a lower-rate residential mortgage.

There was also the issue of affordability assessment.

Our client had found a four-bedroom detached house and negotiated a purchase price of £1.07M. After deposit, she required funding of £802K.

As an equity partner in her firm our client was effectively self-employed. Her base salary in the Caymans was paid in US$, which was used to pay their mortgage in the Caymans. Her quarterly profit share was paid in sterling. She intended to make her deposit payment in a combination of dollars and sterling.

Our Solution

We were immediately able to approach lenders we know are happy to work with Cayman Islands residents.

On the issue of residential mortgage, we provided evidence that our client’s parents would be living in the house, and that part of the deposit was being paid by them, from the proceeds of their own house sale.

Addressing the affordability assessment, one potential lender was unwilling to take our client’s US dollar earnings into account, and in fact wanted to include the cost of the Cayman’s mortgage paid in dollars as an outgoing from her sterling profit-share earnings.

We persuaded our preferred lender, who was offering the most advantageous rates, to look at the consistent growth of our client’s income year-on-year rather than take an average over preceding years, and to extend their lending limit by an additional 50K in view of her projected income growth.

Expatriates and busy clients working in the financial services and legal sectors expect a swift turnaround on services. We secured the loan agreement for this client within 16 working days.

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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