
Mortgage Arranged in Just 4 Days on London Home for Cypriot Earning in Euros
Getting your mortgage application accepted quickly can distinguish between securing your new home or losing out to a cash buyer.
Having a mortgage broker pushing your application through as a priority is so valuable in today’s fast-paced property market.
This case highlights a good broker's difference by speeding up your application and ironing out the issues, particularly in a complex subject.
The Scenario
Our clients were looking to buy a £545k residential home in the South East and needed a mortgage of £425k to fund their purchase.
But they were having difficulties securing typical mortgage finance for the following reasons:
- Although both applicants were UK nationals, one client was Cypriot and working for his family’s hotel business in Cyprus, returning to the UK on an ad hoc basis
- Earning in a foreign currency, such as Euros, in this case, can be a problem for many lenders.
- And he could be classed as an ex-pat if we didn’t use the right lender, as he also owned a property in Cyprus that a bank would flag up.
In addition, employment through a family business can also be a red flag for some mortgage providers.
Why?
There’s a risk of a family business inflating an individual’s salary for a mortgage to reach a higher loan size.
This isn’t sustainable for a business long term, and the salary could be reduced after the mortgage is accepted, leaving the borrower unable to keep up with their repayments.
The Solution
Firstly, the clients also owned a UK property that they frequently visited - we ensured their lender would accept this as proof of UK address.
This meant he wouldn’t be classed as an ex-pat and Cypriot resident - we could get past the typical ex-pat lending limits of 75% loan to value, and they wouldn’t have to pay higher expat interest rates.
We reassured the lender about our client’s family business earnings and provided additional contextual information about the company and his employment.
Because of our client's tight deadline, we pulled out all the stops to get their application through quickly.
With fluid communication between all parties, we found a solution for our client on the same day and pushed their application through with our connections at the right lender for them.
Within just 4 days of submitting their application, they had a mortgage offer from the lender – impressive, even by our standards!
Louis Levine
Finance Executive CeMAP
Bristol
0117 457 7862
Are you looking for a similar type of property finance?
Get in touch today and find out how I can help.
George Abouzolof
Finance Broker
Bristol
0117 403 3444
Do you need help sourcing your own property finance?
I have extensive experience securing UK mortgages for expat clients. Book a free telephone consultation with me at a time to suit you
Bridging Team
Clifton Private Finance
Bristol
0117 959 5094
Are you in need of a similar type of property finance?
Book a free telephone consultation with one of our bridging specialists today and see how we can help you.
Sam Baker
Finance Broker
Cardiff
0117 959 5094
Are you looking for a similar type of property finance?
As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you
Fergus Allen
Finance Broker
Cardiff
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.
Book a free telephone consultation with me at a time to suit 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. Book a free telephone consultation with me at a time to suit you
Jack Spillane
Finance Broker
Bristol
0117 959 5094
Mathew Phillips
Senior 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.
Book a free telephone consultation with me at a time to suit you
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.
Book a telephone consultation at a time that suits you:
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. Book a free telephone consultation with me at a time to suit you.
Sam ONeill
Senior Finance Broker
Bristol
0117 959 5094
Is your situation similar?
I am a bridging finance specialist at Clifton Private Finance. I can find a quick, cost-effective solution for the funding you're looking for. Book a free telephone consultation with me at a time to suit you
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.
Book ConsultationAdam Arnott
Associate Director
Bristol
0117 205 0214