- Client: UK Nationals, UAE Residents
- Property Value: Above £2.5m
- Loan Amount: Circa £1.8m
In this case, Enness was approached by clients who were both residents in the UAE, wanting to utilise their equity in their residential home in the UK to purchase a property overseas outright. The property was being rented out, but we needed a lender who could consider their considerable personal income to top up the loan amount and reach the borrowing amount required.
The client also needed a lender who could lend up to 75% of the property value while having a large part of the mortgage on an Interest-only basis.
Finally, the lender needed to be comfortable that the full amount refinanced was to be taken outside of the UK for an overseas purchase, which many lenders are not.
The challenge for this case was the culmination of various challenges and finding a lender who could consider all the difficulties together. Additionally, the lender needed to be flexible with their underwriting to allow the client's personal income to be used. Furthermore, also needed to be flexible with the structure to keep the monthly payments affordable, and, most importantly, to enable the clients to use the funds for an overseas purchase.
The client needed to work with a broker and lender who understood the complex, cross-border nature of the enquiry.
Moving quickly, Enness successfully negotiated a Buy to Let mortgage, which met all the client's parameters, with a lender comfortable with the client's new circumstances after completing the refinance and purchasing the overseas property. Although there were challenges along the way, the application was successfully credit approved. The mortgage was also arranged so that it would track the Bank of England Base Rate, ensuring the client could immediately take advantage of any base rate reductions and meet the other product-specific requirements for the client's needs and circumstances.
Enness has access to over 500 Lenders and can present the best possible terms to our clients. We have a presence in Dubai and can, therefore, better understand all the nuances of clients based in the Middle East. We specialise in dealing with ultra-high-net-worth individuals and can quickly understand the client profile and requirements.
If you or your clients are based in the Middle East and are experiencing difficulties arranging global finance, please don't hesitate to contact us.
Information contained in our case studies is for market and illustrative purposes only. In some cases, these may be made up of multiple cases and are for illustrative purposes only.
Some case studies are made up of enquiries that have come into the business, not all business completes, and the posting of a case study does not represent a completed piece of business.
