Securing a 90% LTV mortgage with a foreign income

Securing a 90% LTV mortgage with a foreign income

Article by Martin Ball Mortgage Adviser - Private Clients

What was the situation?

A first-time buyer couple approached me looking to purchase a newly converted flat in the capital at almost £1 million. They had a 10% deposit to contribute and were high earners as lawyers in England, working for an American company seconded to the UK, but paid in dollars rather than pounds.

For this case, the clients had already spoken to alternative brokers who had suggested that having a greater deposit would be needed, requiring an additional 5% being put down, and that they would likely lose out on the property without this.

What was the issue?

For this enquiry, it can be difficult to get a 90% loan to value mortgage on a newly converted flat, especially when the clients are paid in a foreign currency. In some cases, lenders may be hesitant to commit to lending due to the currency fluctuation risk, which is not a concern for clients paid in GBP.

What was the process?

Due to the complexities of this case, it was important to speak to the lenders directly and understand their position on cases of this nature. I picked up the phone to our network of high street lenders, private banks and alternative lenders to discuss this case with the underwriters.

Whilst I had limited success with high street lenders due to the complex nature, I was able to speak to our contacts at smaller, off high street lenders/building societies, to find a great solution for the client.

What was the solution?

Through my excellent relationships with these lenders, I was able to secure a 5yr fixed rate mortgage at just over 3%.

The clients were really pleased that they could successfully move forward with the purchase of their first property.

Lending solutions with LDN Finance

Are you looking to purchase your first property? Perhaps you have a complex income structure also? We’re here to help you find a solution – no matter how complex your circumstances. At LDN Finance, our specialist brokers have extensive experience in providing creative solutions to secure large loans for our clients.

We work closely with our trusted network of private banks and both high street and specialist lenders to arrange bespoke mortgage arrangements to suit your circumstances at competitive, market-leading rates. 

Get in touch with us to organise an initial consultation.

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Our happy clients

Excellent and outstanding professional service from start to finish. From offering as many options as possible, to explaining to me very quickly what the benefits are and what I should really be thinking about moving forward. Thoroughly recommend.

Mr. M

July 2021

5 Stars! The LDN team supported us purchasing our family home, without their support and as an expat it would have been very difficult to obtain our new home in the UK. I would totally recommended them.

Mr. S

August 2021

Johnny Martin held our hands through the entire process calmly and professionally. Brilliant service, efficient and swift in response to everything. He made the entire journey uncomplicated even when the bank made it complicated. Highly recommended.

Mr. H

July 2021

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