Foreign currency mortgage for UK resident

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THE SCENARIO

Many Enness clients inform us that they’ve struggled to secure finance through other brokers, and we make it our mission to succeed where others have failed. I recently worked with a married father of two, who worked as an investment bank consultant. He had recently set up his own consultancy, and was therefore self-employed. He was hoping to secure a mortgage on a £4.8million residential property in South West London.

My client had tried many other brokerage firms, and all had struggled and eventually failed to secure him the mortgage he needed. He was introduced to me by a private banker, and our initial conversation made his difficulty clear; he wanted to get a foreign currency mortgage in US dollars for a UK residential property.

OUR SOLUTION

This is close to impossible to achieve. As he had launched his own consultancy, he also had a sporadic income record—another barrier. I knew we would need to use a private bank for such an unusual set of requests. I found a private bank who was willing to assess his overall assets, rather than his recent income, and were able to meet his requirements for a dollar loan.

I secured him a LIBOR tracker mortgage at 2.25% for a 5-year term.

It’s important to note that although I was able to find my client a dollar loan in this instance, this does severely restrict your borrowing options. If foreign exchange (FX) is a concern of yours, we have specialists within the Enness group who are able to help with this.

Enness Private Office has extensive experience with assisting overseas clients, which often requires FX, but you could also benefit from Enness’ services if you’re a UK resident who is paid in a different currency. We have a partnership with market leading FX specialist, Argentex; they share our key objective of supporting and expanding our clients’ portfolios, and can therefore be of use in such a situation.

However, if you have a particularly niche request such as a loan on a UK property in a foreign currency, don’t be deterred if other brokerages have been unable to help you. My client was able to secure this loan through Enness, as our extensive and valuable relationships with a range of lenders enables us to succeed in such endeavours.

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