Interest-only mortgage for Chinese National looking to send daughter to UK school

THE SCENARIO

Key figures:

Property price: £2,000,000

LTV %: 75% (£3m max)

Rate: 2.14% 2 year fixed

Over how many years: 2 year fixed

 

What was the property?

The property was a house in Wimbledon, London.

 

Who was the client?

The client was a Chinese national moving to the U.K. once his new purchase completes so he can send his daughter to school in England.

 

What were they looking for?

The client was looking for a mortgage on an interest-only basis.

 

Why was this case difficult?

The client had never lived in the U.K. and did not have a U.K. footprint or bank account.

 

What was the process – how did you get around it?

I liaised with the private bank we were working with and was able to prove his source of wealth, his affordability – all made easier by getting his documents translated.

 

What was the end result?

I was able to arrange 75% loan to value on an interest only basis at 2.14% fixed. The client was very happy with the outcome and could finally prepare his daughter for school once they were both settled in their new home.

 

If you’re a non-resident looking to secure property finance in the UK, please get in touch on +44(0)2037589393 or email us at info@enness.co.uk.

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