£750,000 Residential Mortgage for Law Firm Partner in London

The Story

Navigating Foreign Currency Income to Secure the Best Mortgage Deal

I reviewed an existing client’s mortgage as his current mortgage rate was due to expire in 6 months, and we wanted to start looking over options for his mortgage going forward.

The Challenge

My client is a Law Firm Partner at a large US-owned LLP. He joined the firm as a partner in 2022 and his compensation is paid in US dollars.  

The Solution

I asked my client if he could provide a letter from the finance director of the firm to confirm his earnings.  The firm provided details of his start date with them, his annual earnings for the time he had been with them and an estimation of his earnings in the current year.  They confirmed these were paid in US dollars but the client remained UK taxable.  I approached high street lender who is comfortable in lending to applicants paid in US dollars.  The affordability fitted wit them and they were happy to use the letter from the finance director as proof of earnings rather than the client having to get his UK tax calculations from HMRC. 

We submitted an application with plenty of time for the offer to be produced and for us to keep an eye on interest rates as if these fell before completion we could contact the lender and ask the to re offer on the lower rate. 

Sarah Fox-Clinch specialise in large mortgage loans including mortgages for property with equestrian use and large acreage.