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Complex overseas income success story

This week's case study highlights how Alexander Hall helped our clients buy their first home.

Our clients' challenge

Our clients were first time buyers, buying a flat for £380,000 with a 25% deposit. This case was complex in that the primary earner of the two clients, is a Professor at an American University and is paid in USD. Due to COVID he has been living back in the UK full time, but usually spends half the year living and working in the US, where his taxes are also paid. In order to obtain a mortgage, it was necessary to find a lender who’d consider his overseas income and be comfortable with the fact that only one applicant would reside in the property full time.

Alexander Hall's solution

Alexander Hall benefits from having access to key contacts and decision makers at the lenders we work with. This enabled us to fully explain the client circumstances up front, detailing the nature of their work and residency status and then obtaining agreement on the feasibility of the case prior to submitting an application. The risk of currency fluctuation (between USD and GBP) is something that every lender would scrutinise in this type of case, and whilst a reduction was applied to the income to account for this, the case remained comfortably within affordability policy. Owing to the steps taken to prepare and agree the case early in the buying process, the mortgage offer took just 2 weeks to obtain from the point our clients had their offer accepted. Having sought out our services because of their unique requirements, our clients were delighted with the result and are in now in the process of finalising completion.

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