11 Million First Home With 2 Different Residency Statuses

The Clients

Our clients were FTB’s looking to purchase their first property a £1.1 million with at 90% LTV. Applicant one was a foreign national however held ILR, however applicant two was on a visa. Both clients wished to be named on the mortgage.

The Challenge

The case presented two key lending challenges.

Firstly, the clients needed a large loan against the property specifically 90% Many lenders cap borrowing LTV’s once you hit or surpass 90% this meant we were limited to the lenders we were able to recommend.

Secondly, was the visa status. Whilst some lenders have no issue offering 90% to non ILR most do either capping to 85% or in a lot of cases 75%, this in partnership with the high LTV further limited the options.

The Solution

We reviewed the whole of the market specifically max loan sizes alongside ILR criteria and found a lender willing to assess affordability using only one income, the applicant with ILR. This income was sufficient to support the full loan. Under the lenders criteria, we could ignore the visa status of applicant 2 which meant they were able to be named on the mortgage as requested.

We secured the full mortgage on the following terms:

• Purchase price: £1,100,000

• Loan: £990,000

• Interest rate: 4.81%

• Mortgage term: 35 years

• Monthly: approximately £4,877

The Outcome

The clients were able to proceed with a joint mortgage using their planned 10% deposit. By finding a lender whose loan size and ILR criteria worked together, we secured the full amount they needed while keeping both buyers on the mortgage.

This case study is based on a real client scenario. Some figures have been amended to protect client confidentiality.