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Remortgage for self-employed Pakistan national

Article by Johnny Martin Associate Director

What was the situation?

I recently helped a self-employed foreign national client to secure a large remortgage as he wanted to raise funds in order to expand his UK property portfolio. My client’s business was based in Pakistan, with all income generated in his local currency, and he was looking to raise funds against a UK property he already owned so as to fund the purchase of his next property investment.

 

What was the issue?

From the outset, this was a very complex case; despite a significant increase in the number of high net worth (HNW) UK property investors in Pakistan, many lenders are still extremely cautious when it comes to lending to clients from this area of the world and cases can get hindered by a lot of red tape. In this particular scenario, this was further complicated by my client’s need to use his share of his business’ net profit, as well as his director’s salary, in order to make the figures work – all of which were in foreign currency.

Furthermore, my client was also under time pressure to secure the loan and needed the funds in his account within one month in order to complete the purchase of his new property.

Consequently, it was clear that traditional banks were off the table and I would need to approach a specialist lender who could take a more bespoke approach to my client’s circumstances.

 

What was the process?

At LDNfinance, we have many years of experience arranging mortgages for non-UK residents with foreign income streams. We take a holistic approach to understand our clients’ circumstances in their entirety, no matter how complex their background may be, before presenting our trusted network of private and specialist banks with their case. Our close relationships with these lenders ensure that you will not only receive the best rates for your individual circumstances but that you will receive a smooth, bespoke, and tailored service throughout the process.

As such, I ran through my client’s situation in detail, spoke with his accountant and gathered the entirety of his accounts, Pakistan tax returns, and bank statements to ensure I could present my client’s wealth in full to satisfy any affordability concerns. Tapping into our unrivalled network of trusted lenders, I presented my client’s case to a number of banks who would be able to navigate the more complex areas of the deal.

 

What was the solution?

Due to my close working relationship with the chosen lender, I was able to secure a fantastic interest rate of below 1.5% for my client, with the loan being approved and offered in under two weeks. My client was thrilled to have secured the loan at a very competitive rate in such a short amount of time.

 

Lending solutions with LDNfinance

Are you a foreign national looking to remortgage your existing UK property? At LDNfinance, we are dedicated to making the market more transparent for our international clientele. Our expert brokers do the hard work for you, navigating eligibility criteria, rates, language barriers, and foreign currency to ensure you have choice and control through every step of the process. Get in touch with us today to organise an initial consultation.

Need a competitive bespoke solution?
We can help.

Get in touch with our experienced private client advisers today for an efficient, discreet and tailored service. We act as your dedicated, bespoke and personal partner in high net worth property finance, specialising in deals over £1 million for private clients ​across the globe.

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June 2021

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