Bespoke £11m mortgage secured for buyer with foreign currency income

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Case Profile

We were approached by a first-time buyer who had been living abroad for several years renting and was now ready to buy a home and relocate to the UK. They had an offer accepted on a £13m family home. Our client has a strong income working as a senior investment professional and partner at a London office of a US international Private Equity firm. Our client’s income predominantly comprises a non-guaranteed annual profit share, and a mixture of cash and carried interest awards paid in USD.

Most of our client’s assets are tied up in investments which either could not be broken, or it would be imprudent to do so. Consequently, the maximum deposit available was 15%, thus requiring a high loan-to-value on a £13m property.

Solution

We managed to source a private lender who recognised that our client’s income was strong and was willing to accept foreign currency. The bank identified the client’s strong income track record, and whilst funds for deposit were limited, they could see great future potential.

We managed to negotiate attractive bespoke terms for our client, and we secured an interest-only mortgage that would help them control monthly costs and match cash flow effectively. Pre-empting a hike in the BOE base rate, most of the mortgage (£8.5M) was locked in on a fixed rate for ten years. The rest was put on a variable rate without any early repayment charges, giving them flexibility to make repayments anytime.

Our clients are delighted with their family home and have managed to retain control over high-yielding assets.

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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.  

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