A trusted industry partner of Enness’ recently introduced me to a client, looking to acquire a mortgage to purchase a property for one of his children on the English South Coast. My client was an expat who had been living in Belgium for a number of years and was thus looking for an expat residential purchase mortgage.
The property in question was valued at £305,000 and was a flat situated in the charming seaside town of Bournemouth. My client required a high loan to value (LTV) at 80%. Though he could afford to buy the property outright, he preferred to acquire a mortgage to avoid liquidating assets.
Having spent a number of years living in Belgium as an expat, my client’s UK credit footprint was very minimal. This can be a problem with some lenders, as they prefer clients to have had a strong UK footprint before lending. Even though my client had a strong global income, which included vested stock, I knew I was going to have to source a lender who would look favourably on his international income and wider all round wealth when considering this expat residential purchase case.
At Enness, we are very privileged to be able to draw on such a wide variety of lenders, all of which we pride ourselves on having exceptionally good relationships with. As such I already had a lender in mind who would be more sympathetic to this expat residential purchase scenario.
I chose a lender who I have an exceptionally good working relationship with, making them comfortable with illiquid assets too, which only strengthened the application. After explaining my client’s situation to the lender, they offered terms which sat very well with my client:
- 38% two-year tracker
- 10-year term
- Full amount granted
My client was very happy with the result of this case and looks forward to working with us again in the future.