The case in brief
- Client: Saudi Arabia national and UK resident
- Property type: London Property
- Property value: £4,200,000
- Loan Amount: £2, 940,000
- LTV: 70%
Finding a UK mortgage for a Saudi resident is often difficult regardless of the circumstances. In the event that your current lender is no longer capable of providing financing, you may be compelled to swiftly secure a different agreement. Having the appropriate relationships with lenders is crucial for achieving a prompt resolution.
Whether you’re ready to secure a UK mortgage as a Saudi Arabia citizen, or simply want to learn more about UK property for foreign nationals, our guide can help. Download here.
The client
Our client was a self-employed businessperson who regularly travelled to the UK for business. His source of income comes from a well-established family-owned industrial business in his home country of Saudi Arabia – similar to many self-employed individuals, they keep significant retained earnings within the business to reinvest.
Obtaining finance can be challenging in such situations, as an individual’s actual wealth may not be accurately reflected on paper through their income.
The client’s current lender was unwilling to refinance their asset, leaving them in a tricky position. He was looking for a 70% loan-to-value mortgage on an interest-only basis. An interest-only mortgage adds to the complexity as most lenders would like you to either start paying the principal back or have an interest-only repayment strategy in the UK.
Our solution
At Articus Finance, we hold extensive expertise in finding UK property finance for individuals who are not domiciled in the UK and own assets through a corporate structure. Additionally, we have significant experience finding UK mortgages for Saudi Arabia residents.
We knew than an advanced private bank would provide the best solution in this case. As a result, we approached a lender with whom we maintain an excellent personal relationship. Our direct communication with their credit team allowed us to speed up the process and obtain a prompt answer – which was ideal for the client given their time constraints.
The lender was happy lending against a property owned by a Saudi self-employed citizen. Moreover, they had a representative in Saudi Arabia who was able to meet with the client. Ultimately, we were able to secure an interest-only mortgage at an appealing rate, ensuring that our client could refinance their property promptly. Get in touch today to speak with one of our brokers.