Our client, an American national, has no credit registered and has never lived in the United Kingdom.
The client set up a successful company in the United States of America, and although they planned to move to the United Kingdom, they were still able to run their American business from the United Kingdom. However, this meant their income would still be in USD, and they would only bring funds to the United Kingdom to service their day-to-day living costs.
Most British lenders need clients to have lived in the United Kingdom for at least 2-3 years, have permanent rights to reside and be paid in GBP.
Though many private banks would only offer 60%-65% loan-to-value, we were able to arrange a private bank loan of £1,650,000 for the client's £2,200,000 purchase (75% loan-to-value).
The client was keen to pay a slight premium on their interest rate to lock in the rate for the first two years of the mortgage, as they felt that rates would come down over the next two years. They also wanted to have the loan full interest, only to keep monthly payments to a minimum. They would then downsize at the end of the 25-year term, since a larger property was not needed. The rate had a margin of just 1.69% above the Bank of England base rate for a period of 2 years.
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