I recently secured an £100k loan on a new build for a 57 year old British client living in France who wished to purchase property in the UK. In this instance my client was looking for a £100k loan to buy a high rise flat (on the 11th floor) for her daughter who was at university.
Although my client received income from her deceased husband’s pension, she had only 3 years left until retirement, and her daughter – who would be residing in the flat – also had no form of income. This along with my client’s age and location abroad, had the potential to throw a few spanners in the works…
More often than not, lenders are wary of new builds due to the risk that comes with selling a property before it’s finished. In addition, a high rise property in itself is considered to hold greater risk, while many lenders avoid overexposing themselves to developers overall. We were also working under a tight time schedule to ensure that the payment was completed before the notice period on the property was up. Because of this, I was determined to obtain the £100k loan so my client could complete the final stage of the buying process quickly and effectively.
I managed to find a lender who agreed to a fixed 15 year term contract (passing my client’s retirement age easily.) By using an FX trader we were also able to receive the best foreign exchange rate for the purchase price, with zero transfer fees, which was great news for my client.
Best of all, the whole process was successfully completed from start to finish in just 3 weeks.