Client background
Our clients, UK expats living and working in Italy, sought to relocate back to the UK. They wanted to move straight into their new property upon their return and needed to complete the purchase while still abroad.
Challenges
The clients were in a rush to move in before Christmas, necessitating the prompt securing of a mortgage. The income verification process was complicated by one applicant’s self-employment status. Consequently, the mortgage needed to be obtained based solely on the income of the other applicant, who would retain their employment upon relocating to the UK.
While the lender was able to consider self-employed income from Italy, it added a layer of complication which was not required due to the strong earnings of the employed applicant.
Additionally, the clients had the advantage of owning a buy-to-let property, which was their former residence before they moved to Italy. The property was not considered self-financing, which meant it would be recorded as a financial commitment against the applicants.
Solution
We successfully secured a 90% LTV mortgage for the purchase of a £465,000 property in Derbyshire. To navigate the self-employment challenge, we focused on the income of the employed applicant, ensuring affordability and meeting the mortgage lender’s requirements.
The mortgage was arranged on high-street products, removing the need for a stepping-stone solution which would require refinance in the future.
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Outcome
The clients successfully obtained the mortgage and completed the purchase of their new home in Derbyshire. They were able to move in before Christmas, fulfilling both their personal and professional needs as they transitioned back to the UK with the help of our expat mortgage services.