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Expat First Time Buyer With Variable Income secures mortgage with Liquid Expat Mortgages
This is a great case study on how Liquid Expat Mortgages helped a British expat in Kuwait purchase a UK property for his family as a first time buyer.
The scenario
We were approached by a Kuwait based plumber looking to purchase his first home with a deposit of 20% which his wife and their young child could live in whilst he worked away.
The property in question was a three-bed semi-detached house in Liverpool.
As he had been renting for the last three years, he had a good idea of what his day to day living expenses were and now felt the time was right to buy his own property to secure his family’s future.
Our solution
Although the client had sufficient income to support his mortgage, he could only meet the required full affordability criteria by including overtime in his calculations. The overtime was always available because of the nature of his work but from a lender’s perspective his payslips needed to clearly show the split between his regular working hours and his overtime pay.
Liquid Expat Mortgages has vast experience of providing 1st time residential mortgages for expats worldwide and this scenario was a typical case for us to be presented with.
We quickly ensure all information was accurately presented to the selected lenders, especially in relation to payslips as were able to distinguish between basic hours and overtime hours so our customer wasn’t seen to be working an unmanageable number of hours to meet his financial commitments.
The result
Liquid Expat Mortgages obtained clear confirmation of the client’s regular working hours from his employer and crystallised his payment structure. We took the case to one of the major building societies and explained the client’s payslips and income structure. The lender agreed to consider the case. With this provided, the lender confirmed that the client represented a good risk, and an offer was made within a week. He was able to buy his £255,000 property with a loan amount of £200,000. Liquid managed to obtain a 2.1% 2-year fixed product capital and interest over 25 years.
UK Expat Mortgages & Remortgages
No mater where you are currently living or working around the world, Liquid Expat Mortgages can help you secure a first time buyer expat mortgage in the United Kingdom. Contact us now for a free quote. Our fully qualified and experienced mortgage advisers will advise you on the best mortgage options available for your circumstances.
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