
UK national working in the US, paid in dollars but not classed as an expat mortgage borrower
When is an expat UK mortgage applicant not an expat? When an experienced mortgage advisor takes the time to get inside the details of their personal circumstances.
The Scenario
Our client is a UK national who works in construction for a major US power corporation. Since 2005 he’s been dividing his time between the company HQ in Virginia and rural Northamptonshire where his children are.
He has been renting accommodation in both places, but wanted to feel more settled in his Northamptonshire home and managed to persuade the owner to sell to him.
It’s a four-bedroom, picture-postcard thatched cottage (and it has actually featured on a postcard…), valued at £695K.
He’s a high-earner: with regular bonuses he’s bringing home upwards of £50K a month.
He wanted to borrow 85% of the purchase price, but his high-street bank of 32 years turned him down. They didn’t like his foreign-currency earnings: as far as they were concerned he was an expat.
The Solution
We looked at his regular pattern of return trips to pick up his life in the UK and were confident he should qualify for a UK-resident borrower, despite his US$ earnings.
The lender we took his application to needed a bit of convincing. Initially they wanted to see all his boarding passes for the past year to confirm his time back in the UK, but we persuaded them that the records of his credit card spending would be sufficient.
We had the offer for his two-year fixed mortgage, at a very competitive 1.71%, in hand within 10 days.
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.