Mortgage solution for a retired foreign national relying on overseas pension income
What was the situation?
A retired foreign national was purchasing a property in St Leonards-on-Sea for £470,000 and required £280,000 in lending. Their only income was a government pension paid in Australian dollars, and they were seeking an extended mortgage term to support lower monthly payments. After their existing lender declined the application due to its approach to foreign currency income, the client turned to LDN Finance for guidance on securing a suitable mortgage.
What was the issue?
The case combined several elements that required careful assessment: foreign nationality, a sole income source paid in Australian dollars and the need for a longer mortgage term. To keep the purchase progressing, it was essential to identify a lender with clear criteria for overseas pension income, foreign currency affordability and dependable turnaround times.
What was the process?
Owen McGill, Mortgage Adviser at LDN Finance, carried out a detailed analysis of the client’s pension income, presenting it with the structure and insight required to support a confident and efficient review. Leveraging his detailed understanding of lender criteria and established relationships with underwriting teams, he directed the case straight to a lender equipped to assess overseas pension income and support the longer term required. He packaged the case with precision, highlighting the key affordability considerations to enable a swift and seamless assessment. Throughout, Owen kept the client fully informed, offering reassurance after their earlier decline and ensuring the application maintained momentum.
What was the solution?
Owen secured a lender able to accept the client’s Australian pension and offer an 18 year term, achieving the lower monthly payments the client required while still benefiting from a market leading rate. With targeted lender selection and high quality packaging, the case moved from submission to formal offer in three working days, allowing the purchase to progress without delay.
This case showcases LDN Finance’s strength in navigating overseas income, foreign currency considerations and specialist affordability profiles. These are the kinds of cases we excel in, where detailed assessment, lender expertise and precise presentation come together to deliver clear, confident outcomes for clients outside mainstream lending criteria.
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