UK residential mortgage with Canadian dollar income

Area
Kent
Capital Raised
£276K

Our clients are a couple in their early-50s living a trans-continental lifestyle. He works in London, living in their family home in Bexley, and she works for a school board just outside Ontario in Canada. She travels back to the UK every couple of months, and in-between he flies in the opposite direction.  

The Scenario

Her higher earnings in Canada were giving them the opportunity to move up and out of London, to Gillingham in Kent. But would she be classed as an expatriate with her Canadian dollar earnings?

The bank they’d been with for 20 years had turned them down for a mortgage, and they already had a buyer for their Bexley house by the time they came to us. They needed to press on with a purchase quickly.

Canadian dollar earnings are an issue for some lenders. Plus the wife’s bank account didn’t show any regular UK spending.

The Solution

The explanation was straightforward: they spend her Canadian dollar earnings when he comes over to Canada, and when she comes back to the UK they spend his sterling.

We were able to persuade the lender we sourced that their new home in Kent would be her primary residence. The fact that she rents rather than owns a property in Canada was useful supporting evidence.

We secured a five-year fixed mortgage, which was what they were after, for 2.07%. And that was a full percentage point lower than the expat rate they might have been offered. Job done.

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.

James Palmer

Senior Associate

London

0203 900 4322

Are you looking for similar property finance? I specialise in development and commercial finance for Clifton - I can find creative and commercially effective solutions for your project.

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.

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