85% of £1.5m for Turkish family moving to the UK
The situation?
I was approached by a Turkish couple who resided abroad, but were looking to move to the UK.
As both were HNW individuals, they were looking to purchase a new family residence in North-West London for £1.5 million. They had a 15% deposit for the purchase and were looking for a high value facility to fund the remaining 85%.
The couple are both successful business executives working for global businesses. Up until the month before I met them, they were being paid in their national currency rather than GBP. This presented a complexity for lenders due to fluctuations in currency exchange rates.
Additionally, one of the couple had only been in their job for 10 months and intended to use their bonus for the deposit. This deposit contribution was half of the person’s salary, but was yet to be received. In order to secure a facility, I needed to obtain proof that the client was guaranteed the bonus payment to then use this to bolster the application to lenders.
They couple also had significant monthly outgoings surrounding the move, including private school tuition fees for 2 children as well as other general expenses.
The solution?
With a strong application, I approached private banks who I thought would consider clients on the basis of banking longevity. Leaning on my established relationships, I was able to speak directly with one large loan underwriter at a private bank who was willing to consider the application.
Despite the challenges with foreign income, the private bank was happy to accept the facility at the full 85% LTV.