London mortgage for self-employed trader moving back to UK from Dubai

The Scenario

Our client is an online trader in European markets who was moving his family back to the UK from the tax-free jurisdiction of Dubai.

They were buying a house in London and needed to borrow £750K of the £1.6M purchase price.

He had annual income of more than £500K, but the issue was going to be establishing his earnings record.

He had no tax records from Dubai and had just formed a new limited company in the UK.

The Solution

Hesitant lenders would be wanting him to wait for one to two years to establish a record of taxable earnings in the UK.

In the absence of tax records, we advised him that what we needed were accounts from a UK-based accountancy firm showing his earnings in Dubai over the past two years.

The records his accountant produced were very basic: turnover, expenses and profit for each year, but they were sufficient for the private bank we approached, where we have a good relationship with the head of lending.

He approved the accounts within 24 hours, leaving only a standard valuation needed before the mortgage offer was made.

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