If you’re an expat returning to the UK after an extended period away, it can be more difficult to get a mortgage because of the lack of footprint in this country.
Take our recent client as an example; they had been away from the UK for 20 years and therefore had none of the usual records a lender usually relies upon, such as proof of address, earnings and registration on the electoral roll. Therefore, the lender could not apply the usual process to gain a credit score on which to base the client’s application. Added to this, the client was returning to the UK to take up a new role and therefore only had a signed employment contract to show the lender, rather than an established work history, backed up with pay slips and other records.
The client was looking to buy their dream home at a cost of £3.75m, borrowing £2.45m on a part interest only, part repayment mortgage. They needed the finance before starting their new UK role, so the challenges were mounting up for our Associate Director Tom Foster.
As a seasoned professional in this field, he knew the lenders to approach with this proposition and has direct relationships with underwriters. After explaining the complexities of the case and proving the client’s historical high earnings, the lender was open to bypassing their usual credit scoring processes, instead using a manual method to gauge suitability. This bespoke and common sense approach ensured that both the lender and the client were satisfied that their needs had been met, and our client is delighted to be starting their new life back home in the UK.
If you are facing a challenge with your lending, don’t hesitate to get in touch with our team of expert advisors.