"> How does earning in a different currency affect your lending prospects? | largemortgageloans.com
Our Case Studies
Our Case Studies » How does earning in a different currency affect your lending prospects?

How does earning in a different currency affect your lending prospects?

 Profile

Despite Brexit and the global COVID-19 crisis, UK property continues to be an attractive investment and, at the end of last year, Hamptons International reported that 11% of the UK buy to let market was owned by investors based abroad[1]. A number of these will be ex-pats – British nationals now living overseas who want to retain a foothold in the UK in the form of investing in property.

One of our specialisms is in helping ex-pat clients, whose situations can quickly become complicated by their location, residency, and the currencies they receive in income and hold in capital reserves.

We recently worked with a client looking to purchase a £3.5m property in the UK. Their annual six-figure salary was paid in Euros but did not reach anywhere near the income multiples that banks would allow to borrow against this substantial amount. However, they owned a sizeable asset in the form of a multi-million-pound property in Germany, with plans to sell in the coming years. They also had +£1m cash in the bank.

Solution

Our Associate Director Paul Fredericks approached a private bank with a lending option which would provide a facility, meaning that the client would put two years’ worth of mortgage payments on deposit to give the lender the assurances they needed. On negotiation, the client decided to put a further year’s payments on deposit to mitigate any delays in selling their German home.

Yet again, our knowledge of the market and the ability to think around the challenge led to a positive result.

 If you are looking to secure a mortgage or remortgage which might not fit ‘standard’ requirements, why not get in touch with our specialist team of advisers?

  

Your home or property may be repossessed if you do not keep up repayments on your mortgage. Changes in the exchange rate may increase the sterling equivalent of your debt.

Return to Our Case Studies

Latest Articles/News

Case Studies

According to the Office for National Statistics, by 2066 the number of UK r…

Latest/Related News

It’s safe to say that 2020 has been a challenging year for many, but the …

Press Release

The team at largemortgageloans.com has collectively been nominated for thre…

Press Coverage

Lock down your finances for the coming storms…

LML Brochure

Download our brochure to find out more about largemortgageloans.com and what we can offer

Click to Download

Sign Up

Subscribe now, to hear from us on the latest mortgage market news, products and services.

Client Testimonials

Close

Live chat with
our team now

Chat

largemortgageloans.com