| Loan amount | £1,125,000 |
| Purchase price | £1,500,000 |
| Loan-to-value | 75% |
| Property type | Family home |
| Location | Wandsworth, London (SW18) |
| Borrower | Brazilian national |
| Term | 25 years |
| Rate | 5-year fixed |
| Lender type | Specialist foreign national lender |
| Income | BRL |
The Story
Our client arrived in the UK 10 months ago after being transferred from the Brazilian arm of an international finance company.
He had been employed as the head of the company’s European division in London and had been given a tier 2 visa for 5 years.
He sold his family home in Brazil and was now looking to purchase a home in London for his family to live in; an offer was accepted on a modern 4-bed detached home at an agreed price of £1,500,000.
The client was looking for £1,125,000 with as much as possible secured on an interest-only basis.
The Challenge
At first, it appeared that the client did not have many mortgage options let alone mortgage options for an interest-only mortgage.
The main issues he had were; not having indefinite leave to remain, not living in the UK for a full year, having little credit history and looking to purchase a large property with a mortgage that has an element of interest only.
The Solution
Using our knowledge, we approached enders with criteria sympathetic to his circumstances.
A building society was identified that could lend our client the funds.
Due to the length of time remaining on his visa the building society was reassured and were happy to offer 50% of the property’s value on an interest-only basis.
It was clear that the client could sell the property at the end of the term and downsize, purchasing a smaller property outright.
An offer was produced after just 10 working days thanks to the great relationship between Fox Davidson and the building society.
The client was delighted with what we achieved for their interest-only mortgage as it was significantly cheaper than what his international bank was willing to offer.
UK Mortgages for Foreign Nationals
For more information on interest-only mortgages or to speak to us about general mortgage advice, please contact a member of the Fox Davidson team today, email enquiry@foxdavidson.co.uk or call us on 03300 100313.
Frequently asked questions
What is a high net worth mortgage?
A high net worth (HNW) mortgage is assessed under the FCA’s high net worth rules rather than the standard affordability test. It is available to borrowers with net assets over £3 million or annual net income over £300,000. Lenders read the net assets test literally and include the equity in your main home, and on a joint application only one of you needs to meet it.
How does HNW mortgage assessment differ from a standard mortgage?
HNW assessment is whole-of-wealth based rather than income-multiple based. Lenders consider total assets, liabilities, liquidity, income, and lifestyle costs, then negotiate loan size based on the overall financial picture.
What loan sizes are available with HNW mortgages?
HNW mortgages typically start at £1 million minimum and have no upper cap. Loans of £5 million to £20 million are routine for qualifying clients. Loans above £20 million typically involve syndicated lending or relationship-driven arrangements with private banks.
How long does an HNW mortgage take to complete?
HNW mortgages typically complete in four to ten weeks. Mainstream HNW lenders are at the faster end. Private bank cases involving committee approval, complex structuring, or offshore elements can take eight to twelve weeks.
Further reading: large mortgages, UK international mortgages, private bank mortgages, London mortgage guide.
All rates and terms are indicative and subject to individual assessment, lender criteria and property valuation. Your home may be repossessed if you do not keep up repayments on a mortgage.
Specialist mortgage advice for property professionals, high earners, and HNW clients across the UK.