UK mortgage on Canary Wharf property, for client working in Malta

The Scenario

Our 39 year-old client works as a management accountant in Malta, where she rents an apartment. Her £34K-equivalent salary is paid in Euros.  

She owns two buy-to-lets in the London, and now aimed to buy a £355K apartment in the very desirable E14 postcode (Canary Wharf / the Isle of Dogs) as a base for herself and her partner.

Because she works in Malta, a couple of UK lenders had said they were unable to help her with a UK mortgage

The Solution

We were able to establish that she’s based in Malta Monday to Friday and returns to London at the weekends, and as a result qualifies for a UK mortgage.

The mortgages payable on the two BTL properties could be ignored because the properties are self-financing.

There are a more limited number of lenders who will accept payments in Euros, but we found one that would not take an additional 25% off the affordability calculation for Euro remittances. A two-year fix at 1.5% was just the deal she was looking for.

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