Case Study –Existing Mortgage Renewal | Income Denominated in Euros

Value	£2,350,000
Loan Amount	£1,410,000
Property Location	Hampshire
LTV	60%
Achieved Rate	0.84%
Completed	February 2022

The Client

We assisted our client in arranging a renewal of an existing mortgage. Our client’s basic salary was paid in sterling, however, his bonus and all income prior to the last 2 months, were paid in euros. This added a layer of complexity, as most lenders will not lend against income denominated in euros. Additionally, our client had another property located in Germany which he frequently used for work and therefore, spent a significant amount of time travelling between Germany and the UK.

The Solution

We were able to source a lender willing to take into account the sterling equivalent of our client’s income, to offer the amount required. They also accepted that whilst our client spent a significant period of time outside the UK, this property was to be used as their main family residence.

The Henry Dannell Difference

With our extensive market knowledge, we were able to source a suitable lender and discuss our client’s case directly with an underwriter, who was able to amend the standard criteria, based on the client’s overall profile.