The client was buying a new home in central London. He was living in the UK on a visa. His main source of income was from personal trading of stocks, shares and forex.
He also received rental income from a property portfolio in the UK so it was fair to say his circumstances were very complicated.
Due to the nature of his job, there were large fluctuations in income over the last 3 years which most lenders are not comfortable with, especially in a volatile market such as trading.
In addition, the majority of high street lenders will not factor in rental income in their affordability calculations. Living in the UK on a visa without indefinite leave to remain further added to the complexity.
We approached a private bank who took a holistic view of his financial situation as they are familiar with clients with multiple income streams. The client had a strong track record, albeit one that fluctuated, that clearly demonstrated the loan was affordable.
This particular private bank normally require assets under management, however the broker was able to negotiate a dry lending facility.
Property Value: £2.8 million
Loan amount: £1.4 million
Repayment type: Interest only
Product type: variable
Interest rate: 2.25% + LIBOR