UK expat mortgage for British doctor resident in Canada buying new-build London home

Area
West London
Capital Raised
£862K

This was a case that caused a few headaches... our client's unsuccessful finance application with a high street bank meant that the developer selling their high-spec London new build was concerned to have their purchase in the bag sooner rather than later. But the complexities surrounding our client’s financial setup meant that we had to get everything lined up before he could exchange.

The Scenario

Our buyer is a UK citizen based in Canada as a consultant anesthesiologist in Toronto. His wife, also British, is a senior manager with a pharmaceuticals multi-national.

They own a home and two investment properties in Toronto, but the wife’s parents are in London and her father is in poor health. On frequent trips over to visit they’d been staying in hotels and with friends, but it seemed clear they needed a home base over here.

The property they wanted to buy was an elegant Georgian-style 3-storey new-build in Ealing. They agreed on a price of £1.15M and put down a 5% deposit, then approached HSBC for their mortgage finance.

After paying for their valuation, instructing solicitors and sending their documentation, their application was declined: HSBC don’t lend to overseas borrowers. So they came to us.  

The Solution

As with many of the senior medical professionals we work with, the husband’s financial situation was complex. It included income from the hospital where he worked, income from his private practice, and a stipend as a member of the hospital board.  

The first lender we approached would have required his accounts to be formally audited, at a cost to our client of £40K.

A second possible lender would offer more flexible terms, but limited their LTV to 65%.

The lender we submitted the application to would be painstaking, but would extend up to 75% LTV.

With the developer pressing for exchange our client was keen to sign, but an outdated tax setup for his private practice required formal clarification before the lender would commit. We managed to keep everyone at bay until all the financials were in order and our client wasn’t at risk.

Achieved: 70% LTV at a very acceptable 2.94%.

Our Canadian expat mortgagClient review of Clifton Private Finance mortgage advisor Alex Chamberse service

 

]

 

 

 

 

 

 

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.

Mathew Phillips

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.

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.

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. Please get in touch and we can arrange a time that's convenient for you to discuss your situation.

Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

Is your situation similar? I am a bridging finance specialist at Clifton. I can find a quick, cost-effective solution for the funding you're looking for.

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.

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.

Contact Us