
Part in Part Mortgage for Milton Keynes Home Secured Against Earnings in Cayman Island Dollars
The Scenario
Our client was currently living and working in the Cayman Islands, and approached Clifton Private Finance looking to purchase a new family home back in the UK.
They had been struggling to raise the finance they needed for their new home due to their outstanding borrowing on the 3 properties they owned:
- Their current home in the Cayman Islands
- A rental property in the UK
- And a second property in the UK in which their daughter lived
They were looking to raise £470k for their £625k purchase but, despite being a high earner, had been unable to reach the loan size they needed because of their existing debt and financial commitments.
The Solution
Our broker advised that they wouldn’t be able to reach their desired loan size with their current income portfolio.
However, if they were to rent out their Cayman Islands property and their second UK property, they could stretch their affordability to cover a bigger UK expat mortgage.
The problem with this is that lenders typically require evidence of a rental agreement and rental income history to be able to include this income in your mortgage application.
Our clients had no history of renting either property, and had no agreement in place for new tenants.
However, we knew that one lender we work closely with can accept prospective rental income based on competitive market rates. And not only this, they could accept projected rental income in a foreign currency - Cayman Island Dollars, as well as our clients’ earnings in USD.
With the affordability issue resolved, we were able to arrange a mortgage for the full value they required, structured as a part in part mortgage, meaning that it was partially interest only and partially a capital repayment mortgage.
This gave our clients lower monthly mortgage repayments which relieved pressure on their cash flow, as they would need to rely upon this throughout their relocation back to the UK.
At the end of their mortgage term, they could repay their outstanding debt as a lump sum through the liquidation of other assets or through their wealth accumulated over the years.
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