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Our clients’ wishes

Mr K is an American investment banker working for a well-known US Bank in Japan. His wife, Mrs K is a homemaker living in the UK looking after the couple’s young children. They were introduced to us by a broker as, after years of renting, they were now seeking a home in the UK. This would be their Principle Private Residence.

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Our clients’ situation

Mr and Mrs K required a mortgage of £500,000 against a purchase price of £1,200,000. While on the face of it this seemed fairly straight-forward, the transaction was made complicated as Mr K was an American national, which meant some high-street lenders are unable to assist their application. Despite working for his firm for the past nine years, Mr K had only just moved to Japan from the firm’s Hong Kong office and was being paid in Japanese Yen (JPY), which also added an element of complexity to their purchase.

Following a thorough assessment of Mr and Mrs K’s finances we were able to take into consideration both the JPY income and use bonus income which was earned by Mr K in HKD for the previous three years.

How we helped

Following a thorough assessment of Mr and Mrs K’s finances we were able to take into consideration both the JPY income and use bonus income which was earned by Mr K in HKD for the previous three years. When assessing foreign income, Nedbank Private Wealth as a lender typically takes a 15% currency allowance into consideration to allow for fluctuations to that currency.

For Mr and Mrs K, we recommended a two-year floating variable rate margin over the current Bank of England Base Rate on a capital and interest repayment mortgage for a 23-year term, to align with the clients’ anticipated retirement age of 70. The variable rate option appealed to the clients as Mr K was keen to have complete flexibility to make overpayments or bullet reductions throughout the term of the mortgage without incurring penalties.

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Contact

Get in touch with a member of our team to find out how Nedbank Private Wealth can help you achieve your financial goals and objectives.

Email our credit specialists directly at [email protected] or call +44 (0)1624 645000 to speak to our client services team.

Any examples of investments and structures used are for illustrative purposes only. This case study does not constitute an invitation or inducement to buy any financial investment or service. None of the content constitutes advice or a personal recommendation. Individuals should seek professional advice, based on their jurisdiction and personal circumstances, before making any financial decision.

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