The UK mortgage market can be a challenging landscape for high net worth individuals, especially those earning abroad. Recent research from Investec highlights a significant issue: a vast majority of high net worth individuals face mortgage rejections or are forced to accept lower loan-to-value ratios due to lenders’ inability to understand complex remuneration structures. This problem is particularly pronounced for overseas high earners, who often find their income mistrusted by many UK lenders.
The Challenge for Overseas High Earners
Consider the case of an expat earning £150,000 a year tax-free, with an additional £100,000 annual bonus. Despite a consistent income over seven years, traditional lenders might disregard the bonus, significantly reducing the loan amount available to the borrower. This scenario is not uncommon and highlights the difficulties faced by high earners based overseas when attempting to secure a mortgage in the UK.
IMS: Tailored Solutions for High Net Worth Individuals
International Mortgage Solutions (IMS) addresses these challenges head-on by offering bespoke underwriting for High Net Worth and UHNW individuals. Unlike many UK brokers, IMS goes beyond standard salary slips, providing a comprehensive analysis that includes full source of wealth and wealth trajectory reports. This approach stems from the expertise of our founder, Rupert Bastick, who has extensive experience in the wealth division of one of the world’s largest investment banks. By gathering a detailed seven-year history and conducting a deep dive into the client’s background, education, employment, and reasons for receiving bonuses, IMS presents a complete financial story to underwriters. This method allows lenders to consider the full income amount — in our example, £200,000 or even the full £250,000 — enabling clients to secure financing for their dream properties.
Why Choose IMS?
IMS stands out in the UK mortgage market for several reasons:
- Expertise in High Net Worth Mortgages: Our team specializes in navigating the complexities of high net worth mortgages, ensuring that our clients receive the best possible terms.
- Global Perspective: With a focus on expats and foreign nationals, IMS understands the unique challenges faced by overseas borrowers and offers solutions tailored to their specific needs.
- Personalized Service: We believe in a client-focused approach, taking the time to understand your financial situation and goals to provide the most suitable mortgage options.
For high net worth individuals based overseas, securing a mortgage in the UK can seem daunting. However, with IMS, you have a partner that understands your unique financial landscape and has the expertise to navigate it successfully. If you’re considering financing a UK property purchase from abroad, IMS is here to help. Visit us at mortgageims.com for more information and to start your journey towards securing your dream property in the UK.