UK residential mortgage with Canadian dollar income

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.

Alex Morris

Private Client Adviser

Bristol

0117 332 5061

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Scott Dutfield

Finance Broker

Cardiff

0117 959 5094

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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

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Carly Cheeseman

Head of International

Bristol

0117 457 9922

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Nick Kerley

Finance Broker

Cardiff

0117 959 5094

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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.

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Louis Levine

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Bristol

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Sam Baker

Finance Broker

Cardiff

0117 959 5094

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Fergus Allen

Senior Finance Broker

Cardiff

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Jacob Phipps

Finance Broker

Bristol

(+44) 0117 959 5094

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Jack Spillane

Finance Broker

Bristol

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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

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Alex Chambers

Senior Private Client Adviser

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

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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

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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.

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