American citizen purchasing additional shares in his home

THE SCENARIO

Enness is proud to work with clients from all over the globe. I was recently able to assist an American citizen with purchasing additional shares in his home. My client was living in London and working for a large investment bank.

Due to the nature of his work, my client was incredibly busy and worked very long hours. With minimal free time to research his options, he therefore needed a fast and efficient process, which I was delighted to provide for him.

My client’s property was valued at £380,000, and he had purchased this on a shared ownership basis. In the competitive London property market, shared ownership schemes are often a viable way of getting a foot on the property ladder.

However, my client now wanted to borrow further funds to purchase additional shares in his home. This would reduce his monthly rental payment, and although his mortgage repayments would be higher, low interest rates at present meant his monthly outgoings would actually decrease upon purchasing a larger share.

OUR SOLUTION

My client was hoping to purchase the maximum amount available, but his current lender could only offer enough funds to purchase 50%. After a thorough discussion with my client to gain a clear understanding of his circumstances, I set about approaching lenders to make his ambitions a reality.

Borrowing in the UK can be challenging for American citizens; fortunately, I have an excellent relationship with a lender who is more than happy to work with foreign nationals. This lender is also a specialist in shared ownership mortgages, and was able to offer my client a competitive rate on a large enough loan to purchase 65% of the property.

This was arranged at a favourable 1.58% interest rate, fixed for a period of two years. My client was delighted with our prompt, professional and efficient service.

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