Low-rate UK remortgage for Briton Living In Norfolk with US dollar earnings

UK high-street banks are averse to lending to non-UK-taxpayers. And a low-value remortgage isn’t generally enough to encourage them to overcome their misgivings.

The Scenario

Our UK-national clients were an oil company executive working on contract across north Africa, paid in US dollars. His wife, also a UK national and joint owner of their house, had recently started her own company, so had no demonstrable history of earnings.

With the fixed-rate mortgage on their Norfolk home coming to an end, they were looking to remortgage.

But the mortgage they needed was below the £250K threshold most lenders will consider for expat earnings without imposing a punitive interest rate

The Solution

Discussing our clients’ financial situation with them, it emerged that they had a total of 15 credit cards and purchase agreements which could be consolidated at a lower interest rate.

Adding their credit balances to our clients’ remortgage took their desired loan amount to £180K. We persuaded a preferred lender to make an offer at a very competitive 1.74% for a two-year fixed mortgage.

The lender was willing to pay for the property valuation (an on-site visit) so there were no up-front costs to our clients and the offer was agreed within a fortnight.