Securing a complex £1.5 million mortgage loan for a foreign national client

What was the situation?

I was approached by my foreign national client who currently lives in the middle East but wanted to purchase a residential property in prime central London.

Backed by a well-paid job as a partner at a global law firm, the client was looking to purchase a prime central London property at £1.5 million, and required a high LTV mortgage.

What was the issue

Frustratingly, their foreign national status made this case more complicated. There is a lack of high LTV mortgage options in the market for foreign nationals. Additionally, not only did my client live in the middle east, they received their salary in US Dollars which represented a further challenge in finding a lender also comfortable with foreign income.

What was the process?

Due to the potential complexities that may arise with this type of transaction, it was key to understand the intended usage of the property, and why the choice of prime central London.

Having arranged complex facilities for numerous overseas clients in the past, I have a clear understanding of the information and paperwork that an international lender would require. I was therefore better armed when the lender requested it, and it could be supplied immediately.

I had specific lenders in mind who would not normally consider this type of transaction however, due to my understanding of the client’s background and circumstances, I was able to put a business case forward to the Head of the Lending to reconsider and better understand the client’s circumstance. Further due diligence was sought by the lender which I was able to satisfy. The lender subsequently agreed the case as an exception.

As per the client’s request, my aim was to obtain the most competitive mortgage terms available. Typically, a broker would focus on the mortgage products that would usually be available for this type of transaction. However, I decided to focus on the highly competitive mortgage products that would not typically be available for this type of transaction, then put forward a comprehensive business case to the lender for consideration. This ensured my client received a more competitive product.

What was the solution?

In the end, I was able to obtain a very competitive sub 3.5% fixed product. The client was delighted with the pricing having been quoted rates north of 5% previously.

As I like to take away the hassle for my clients, they were very happy with the ease and speed of the process as we managed the additional due diligence requirements on the client’s behalf.

Lending solutions with LDN Finance

Are you a foreign national looking to purchase property in the UK?

At LDN Finance, our specialist team has extensive experience in securing short-term finance solutions suited to your circumstances – no matter the complexity. Working closely with our trusted network of private banks and specialist lenders, we’re sure to secure a bespoke arrangement for your project at competitive, market-leading rates.

Get in touch with us to organise an initial consultation.