UK Mortgage Secured for Shipyard Contractor Living in Bahrain Earning in Foreign Currency

UK Mortgage Secured for Shipyard Contractor Living in Bahrain Earning in Foreign Currency

Area
Milton Keynes
Capital Raised
£570k

The Scenario

Our client approached us looking for a mortgage on a UK property whilst living and working overseas in Bahrain.

Although he had a high income, he was struggling to source property finance for the following reasons:

  • He had a practically non-existent UK credit score due to the length of time he’d spent in the Middle East
  • In addition to not being a UK resident, he was also earning in his local currency of Baharaini Dinar as opposed to Sterling, which most UK mortgage providers don’t accept on an application
  • He wanted the flexibility to repay more than the standard cap of 10% of his borrowed capital per annum
  • Finally, he was a business development manager at a shipyard – a hazardous working environment that many lenders tend to shy away from

The Solution

Knowing that most mainstream mortgage providers would automatically reject our clients application based on his residency, foreign currency earnings and credit score, we contact a small number of lenders that we knew could operate within these perimeters in the right circumstances.

We spoke to a specialist expat lender that could accept our clients’ foreign earnings and overseas residency, and who would look at their wider financial situation to assess their affordability as opposed to focusing on their lack of UK credit history.

And after negotiations with our broker surrounding his hazardous occupation and his desire to avoid early repayment charges, the lender was eventually able to offer the following finance:

  • A mortgage of £570k to purchase the £815k new home (70% Loan to Value)
  • His overseas residency and income, lack of UK credit score, and hazardous occupation all accepted
  • With no ERCs attached to his mortgage, meaning that he could repay over 10% each year, and crucially switch to a UK residents' mortgage at a better rate later down the line without facing a penalty charge

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 

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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

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 

  Book a free telephone consultation with me at a time to suit you, Clifton Private Finance

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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.

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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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

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.

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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 

 Book a free telephone consultation with me at a time to suit you, Clifton Private Finance

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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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