Helping a dual national with their Joint Proprietor mortgage
Our client’s wishes
Clarke, aged 51, is a married dual South African and British national who was keen to purchase a cottage in Surrey for use when travelling on business to the UK. His children were planning to live in the property too as they had recently completed their studies and were both moving to the UK for work.
Clarke was keen to structure the transaction so that his children would be on the title deeds for the property as part of future inheritance tax planning, and to also reduce the stamp duty, as they would be deemed first time buyers in the UK.
Our client’s situation
The property purchase price was £700,000 and Clarke required a 75% loan-to-value mortgage for £525,000.
He had originally approached his primary bank in the UK to assist him, however as he had several income streams from his various businesses in South Africa as well as rental income from his investment properties in two other countries, his bank was not able to provide flexibility.
How we helped
Following a thorough assessment of Clarke’s various sources of income, Nedbank Private Wealth’s credit specialists were able to determine that his income would remain strong for a considerable period of time. As he was also going to dispose of further assets both in South Africa and abroad, this would also strengthen his net asset position in the future. Following these asset disposals, Clarke would also require investment and wealth planning advice, which Nedbank Private Wealth provides.
Nedbank Private Wealth’s credit specialists were able to determine that his income would remain strong for a considerable period of time
Our client’s outcome
We recommended a triple borrower, joint proprietor mortgage on a 23-year capital and interest repayment basis to align with Clarke’s strategy of retiring by the age of 75. The mortgage had an initial 2-year floating variable tracker over the Bank of England base rate which was important to Clarke as he also wanted flexibility to make overpayments without incurring any early repayment penalties.
Clarke and his family are now proud joint owners of their cottage in Surrey.
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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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