Mortgage Arranged in Under a Week on London Home for Cypriot Earning in Euros

Mortgage Arranged in Just 4 Days on London Home for Cypriot Earning in Euros

Area
London
Capital Raised
£425k

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!

UK expat mortgages, More information, Clifton Private Finance

 

Louis Levine

Finance Executive CeMAP

Bristol

0117 457 7862

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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 

book a telephone appointment with one of our brokers today

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Bridging Team

Clifton Private Finance

Bristol

0117 959 5094

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Sam Baker

Finance Broker

Cardiff

0117 959 5094

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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 

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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.

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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 

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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. customDatabaseField-8455

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.

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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.

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Luther Yeates

Senior Finance Broker

Bristol

0117 244 5561

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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.

 Book a free telephone consultation with me at a time to suit you, clifton private finance

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Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

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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 

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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.

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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. customDatabaseField-8455

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