| Loan amount | £3,250,000 |
| Purchase price | £4,500,000 |
| Loan-to-value | 72% |
| Property type | Detached estate property |
| Location | Cobham, Surrey |
| Borrower | US citizen UK resident |
| Term | 25 years interest-only |
| Rate | 5-year fixed |
| Lender type | Specialist US-citizen lender |
| Income | USD |
The Story
Fox Davidson were referred by an existing client resident in the US. Our client works at one of the leading investment banks in America. They kindly referred a colleague to us who was looking to finance a property in Virginia Water, Surrey which they would use as their home, pending a transfer to the UK.
The Challenge
Securing a mortgage for a US citizen who is not yet resident in the UK meant that we had to utilise lenders that specialise in mortgages for overseas clients.
The client was paid in US dollars, and there was a reliance on the cash-bonus element of their compensation to get us to the loan amount they required.
The property transaction needed to complete prior to their arrival in the UK.
The Solution
As the client had a job offer with the same investment bank, but via their London office, and as their Visa was in place, this meant we had a solid case for lending.
After applying the currency conversion from US dollars into GBP sterling and securing confirmation of the (just ended) current year’s total compensation, we agreed on a maximum loan with a private bank.
The loan was secured on a part-interest-only basis and part-capital repayment basis at a loan to value of 70% of the property purchase price.
Fox Davidson liaised with the bank, estate agents, and solicitors in the UK and kept the client updated, ensuring completion took place.
The client took up residency in the UK just over a month later.
Why Fox Davidson?
Fox Davidson are a leading property finance consultancy company, advising global clients in all aspects of property finance.
We work with clients in Asia, the Middle East, America, and Europe to secure large mortgage loans secured on properties in the UK.
We work with investment bankers across the globe to secure finance on properties in the UK.
Can an American get a mortgage in the UK?
American nationals can secure mortgages on UK real estate. The banks which will lend depend on whether you will remain resident in the US, or whether you are resident in the UK, and which type of visa you have.
Fox Davidson work with American clients resident in the US to secure real estate finance typically above £1m using private banks.
Most lenders that lend to overseas resident clients will require that you work for a large corporation on an employed basis.
For US nationals already resident in the UK, there are considerably more options from more mainstream lenders who will lend at a higher loan to value, usually at more competitive rates of interest.
Which UK banks offer overseas mortgages?
International banking desks at UK high street banks and private banks with an office in the UK offer overseas mortgages.
Fox Davidson secure mortgages for global clients wishing to finance property in the UK.
Most lenders in this area of lending have a minimum loan amount requirement of £500,000 to £1m.
Fox Davidson
Fox Davidson is an award-winning team of property finance consultants. To discuss your property funding requirements, please 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, high net worth mortgages.
Completed transaction. This case study describes a live deal arranged by Fox Davidson. Client details are anonymised and figures rounded.
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.