Residential purchase for a Foreign National

What was the situation?

A couple of foreign national clients who recently moved to the UK due to a relocation opportunity through one of their employers. They have approached us after six months of residency.

What was difficult about this case?

Both clients were non-EU passport holders and currently living in the UK via a five year visa. Due to the length of time they have been living in the UK they have a low credit score and require a large loan in excess of £1 million.

What was the process?

This case falls outside of standard lending criteria for almost all high street lenders. Those that would be willing to consider the case would ordinarily require a considerable deposit to mitigate the associated risks.

What was the solution?

Due to the loan size and profile of the client, we were able to speak directly to a large loan underwriter at a high street lender and secure the loan required at 80% loan to value (LTV). This avoided the traditional route of approaching a private bank and the additional cost of pursuing that option.