Location: London

Loan Amount: £750,000

Finance Category: Residential Mortgage

The Story

Securing an Optimal Mortgage for a Law Firm Partner with Foreign Currency Income

A review was conducted for an existing client’s mortgage, as the fixed-rate term was set to expire in six months. The objective was to explore remortgage options and identify the most advantageous deal ahead of the deadline.

 

The Challenge

The client, a partner at a prominent US-owned limited liability partnership (LLP), joined the firm in 2022. His compensation is denominated and paid in US dollars, which introduced complexity in demonstrating income stability and affordability to UK-based lenders.

 

The Solution

To address proof-of-income requirements, the client was requested to obtain a formal letter from the firm’s finance director. This document detailed:
  • The client’s start date with the firm;
  • Historical annual earnings since joining;
  • Projected earnings for the current year;
  • Confirmation that payments are made in US dollars, while the client remains UK tax-resident.

A high-street lender with established criteria for applicants remunerated in US dollars was selected. The lender accepted the finance director’s letter as sufficient evidence of income, eliminating the need for UK tax calculations from HM Revenue & Customs (HMRC). Affordability assessments aligned with the lender’s parameters.

The application was submitted well in advance to allow ample time for offer issuance. This proactive timing enabled the option to request a re-offer at a reduced rate should market conditions improve prior to completion.

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