Cayman Islands Expat Mortgage For Surrey Home

Cayman Islands Expat Mortgage For Surrey Home

Area
Surrey
Capital Raised
£802K

The Scenario

Our client was a partner in a law firm in the Cayman Islands, specialising in trusts. She and her husband owned a home in the Caymans and were looking to buy a home back in the UK to be shared with her parents, and used as a base for their return visits and their son during his boarding school holidays.

Our client had approached her own bank, HSBC, for finance, but they had recently stopped lending to Cayman Island ex-pats.

High-street lenders generally don’t lend to residents of countries that aren’t signatories to the Financial Action Task Force (FATF) – set up to counter international money laundering and the funding of terrorism. The Cayman Islands is a Caribbean Financial Action Task Force (CFATF) member partner.

Potential lenders would also need to be persuaded that the property was genuinely a family home rather than a rental / investment property, to grant a lower-rate residential mortgage.

There was also the issue of affordability assessment.

Our client had found a four-bedroom detached house and negotiated a purchase price of £1.07M. After the deposit, she required funding of £802K.

As an equity partner in her firm our client was effectively self-employed. Her base salary in the Caymans was paid in US$, which was used to pay their mortgage in the Caymans. Her quarterly profit share was paid in sterling. She intended to make her deposit payment in a combination of dollars and sterling.

Our Solution

We were immediately able to approach expat mortgage lenders we know are happy to work with Cayman Islands residents.

On the issue of the residential mortgage, we provided evidence that our client’s parents would be living in the house, and that part of the deposit was being paid by them, from the proceeds of their own house sale.

Addressing the affordability assessment, one potential lender was unwilling to take our client’s US dollar earnings into account, and in fact, wanted to include the cost of the Cayman’s mortgage paid in dollars as an outgoing from her sterling profit-share earnings.

We persuaded our preferred lender, offering the most advantageous rates, to look at the consistent growth of our client’s income year-on-year rather than take an average over preceding years, and to extend their lending limit by an additional 50K given her projected income growth.

Expatriates and busy clients working in the financial and legal sectors expect a swift turnaround in services. We secured the loan agreement for this client within 16 working days.

In a similar situation? Please call our mortgage expat team on +44 203 900 4322 or book a callback into our diary at a time that suits you.

Simon Mullins

Finance Broker CeMAP

Cardiff

0117 959 5094

Are you looking for a similar type of property finance?

As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.

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Paige Dumpleton

Finance Broker CeMAP

Cardiff

0117 959 5094

Are you looking for a similar type of property finance?

As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.

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Jonathan Moffatt

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Cardiff

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Alex Morris

Private Client Adviser

Bristol

0117 332 5061

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I have extensive experience securing UK mortgages for clients. Book a free telephone consultation with me at a time to suit you.

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Scott Dutfield

Finance Broker

Cardiff

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As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you

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Carly Cheeseman

Head of International

Bristol

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Nick Kerley

Finance Broker

Cardiff

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Louis Levine

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Sam Baker

Finance Broker

Cardiff

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As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.

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Fergus Allen

Senior Finance Broker

Cardiff

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Jacob Phipps

Finance Broker

Bristol

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I specialize in helping international clients source residential and investment property finance for UK property. Book a free telephone consultation with me at a time to suit you.

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Jack Spillane

Finance Broker

Bristol

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Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need. customDatabaseField-8455

Mathew Phillips

Senior Finance Broker

Bristol

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Alex Chambers

Senior Private Client Adviser

Bristol

0117 403 4324

Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.

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Luther Yeates

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Bristol

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Sam ONeill

Senior Finance Broker

Bristol

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