Q: A Turkish business partner of mine wants to buy a house in the UK. Mr X, my business partner, has several companies in Turkey and elsewhere. Will he be able to get a mortgage in the UK? What proof of income etc will he need to give?”
A:
To answer your question, it would be possible for your business partner to buy a rental property in the UK as an investment. There are a number of criteria that he would need to fulfil. These are as follows:- 1) Mr X would need to prove his income by providing his last 3 years accounts. His accountant would need to be a multi-national accountant. Ideally if he was using one of the big name accountancy firms such as PWC, Ernst & Young, KPMG or Deloitte this would strengthen his case. 2) Mr X’s businesses would need to be trading multi-nationally. Ideally if his businesses operated in the UK as well as Turkey again this would strengthen his application. 3) Mr X would need to put down a minimum of 30% deposit, and if he could put down more than this again it would reflect well upon his application. 4) We would need to know details of the expected rental income that the property would generate and this could impact upon the loan size he could borrow. Best advice is to meet/speak with one of our fully qualified professionals so we can make a firm recommendation on factual information. Call us now 020 7519 4900.
These questions are for information purposes only and do not contain all the details you need to choose a mortgage, ask one of our advisers for a personalised key facts illustration
