International Client Mortgage – Background:
Our client, a recent immigrant to the UK, sought to navigate the complex landscape of securing a mortgage for his new home. Having moved to the country just six months ago, possessing a 5-10% deposit, and holding a 5-year visa without indefinite leave to remain, the client faced significant hurdles in finding a willing lender who would lend to international borrowers.
The primary obstacles encountered during the mortgage application process included:
- Non-UK Resident Status: Being a newcomer to the UK, the client faced scepticism from many lenders who typically prefer applicants with longer residency history.
- Limited Time in the UK: Numerous lenders set a minimum residency requirement, ranging from 12 to 36 months, posing a challenge for our client who had only been in the country for half a year.
- Visa Limitations: With a 5-year visa but lacking indefinite leave to remain, the client encountered stringent criteria from most lenders, including minimum time remaining on the visa.
- Deposit Size Preference: The client aimed for a small deposit, ranging from 5-10%, further limiting the pool of potential lenders.
- Employment Duration: Many lenders insisted on a minimum period of employment in the UK, which posed an additional hurdle.
Solution Provided by Oportfolio:
Our experienced mortgage advisors at Oportfolio, understanding the unique challenges faced by the client, embarked on a strategic approach to find a viable solution. Here’s how we navigated the obstacles:
- Thorough Market Analysis: Leveraging our extensive market knowledge, we identified a lender known for its flexibility and competitiveness.
- Strategic Communication: Engaging in open communication with our contacts at the identified lender, we presented the client’s case, highlighting its strengths and unique aspects.
- Negotiation for Waivers: Based on the robustness of the client’s case and our adept negotiation skills, we successfully convinced the lender to accept a 5% deposit and waive other stringent requirements.
The result was a resounding success! Despite facing rejections from other mortgage advisors and the client’s own bank, our brokers secured a mortgage with favourable terms. Our client, overjoyed with the outcome, was able to realize homeownership much sooner than anticipated.
- Specialised Expertise: Oportfolio’s in-depth knowledge of the mortgage market and experience in dealing with challenging cases played a pivotal role in finding a solution.
- Strong Lender Relationships: Our established connections with the lender allowed for effective communication and negotiation, leading to a tailored solution.
- Client-Centric Approach: Understanding the client’s preferences and challenges, we crafted a bespoke strategy that aligned with their goals.
In summary, overcoming the complexities of securing a mortgage for an international client with unique circumstances showcases Oportfolio’s commitment to excellence and our ability to find innovative solutions in a challenging market. If you or anyone else you know is in a similar situation to this client, then please feel free to give us a call today. We are happy to help.