£1.6 million – Offshore Income

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Wednesday August 29, 2012

We have been able to arrange a competitively priced £1.625 million mortgage for a client with offshore income. To discuss this or any other large mortgage case, please contact us now.

Case profile

The client, who had relocated to Abu Dhabi to work and had rented out his former main residence in the UK, was looking to purchase a pied-a-terre in London. The purchase price was £2.5 million and the client wanted to borrow £1.625 million. He needed an offer within 4 weeks to secure the property.

The client’s income in Abu Dhabi was tax free and paid in US dollars. This meant he was not a UK taxpayer and consequently most high street lenders would not take into account his income. Also, the client’s income was insufficient to allow him to borrow up to £ 1.625 million, unless we could find him a lender who would take into account his earnings were paid tax free, and therefore equivalent to a higher taxable income.

The solution

Using our extensive range of private banking contacts, we were quickly able to find a bank that was comfortable with the client’s ex-pat status, would take into consideration the client’s tax-free earnings, and would gross up the client’s income to lend £1.625 million on an interest only basis.

Deal highlights

Loan amount:£1.625 million (65% LTV on property valuation of £2.5 million)
Rate:Bank of England Base Rate plus 2.49% (current payment rate 2.99%)
APR:Overall cost for comparison 3.3% APR representative variable
Term:5 years
Type:Interest Only
Loan purpose:Residential purchase
Arrangement fee:0.5% of loan amount
Early repayment charges:None

Your home may be repossessed if you do not keep up repayments on your mortgage


This case study is for information and illustration purposes only. It is not an offer, or suggestion of an offer. Each mortgage case is assessed on an individual basis and there is no guarantee that the solution described here can be repeated in the future.

Please note that this specific deal may not be available to – or suitable for – all customers, dependent on their individual circumstances. The rate quoted may become out of date at short notice and may not be available at the point at which customers enquire about it. This document may not contain all the information needed for customers to make a decision and they should seek advice.

Overall cost for comparison 3.3% APR representative variable based on 5 years at 2.99%, lender’s arrangement fees of 0.5% x £1.625 million (£8,125) and legal and valuation fees of £2,526. The actual rate available will depend on your circumstances. Ask for a personalised illustration.

largemortgageloans.com is a trading name of largemortgageloans.com Ltd. A fee of up to 1% of the mortgage amount is payable, of this 25% is payable on application and the remainder on completion, e.g. on a mortgage of £100,000 the fee would be £1,000 of which £250 would be payable on application. The precise amount will depend on your circumstances.

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Your home or property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Changes in the exchange rate may increase the sterling equivalent of your debt. You may have to pay an early repayment charge to your existing lender if you remortgage. Think carefully before securing any other debts against your home.  

largemortgageloans.com is a trading name of Largemortgageloans.com Ltd, Aegon House, Ground Floor Suite, 13 Lanark Square, London, E14 9QD authorised and regulated by the Financial Conduct Authority (FCA). Our FCA registration number is 302228 and can be viewed by visiting the FCA website: www.fca.org.uk. The FCA does not regulate tax advice or some aspects of commercial, buy to let, overseas mortgages, bridging finance, finance and asset lending. Largemortgageloans.com Ltd is a licensed credit broker, and not a lender.

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Largemortgageloans is a trading name of Largemortgageloans.com Ltd, Aegon House, Ground Floor Suite, 13 Lanark Square, London