Helping a family make a timely move from the US to the UK
A wealth planner, private bank and investment manager all-in-one.
Our client’s wishes
We were introduced to Mr and Mrs B through one of our broker partners. The couple were planning a big move from the US to the UK, with a view to their children accessing an improved school environment. With the new school term starting in September, they were keen to get everything in place quickly so they could settle in before the academic year began.
They had found a lovely property priced at £1,150,000 and were looking to borrow £805,000, equating to a 70% loan-to-value (LTV). Timing and flexibility were key.
Our clients’ situation
As new clients to Nedbank Private Wealth, we took the time to get to know them and understand their financial situation. Mr B, a Zimbabwean national on an ancestry visa, is the main earner and currently works in the mining sector, based in Egypt and paid in US dollars. Mrs B is a British national and equally involved in the move.
After carefully reviewing Mr B’s role and the nature of his industry, we were reassured by the stability of his position. He holds a middle-management role, his income is taxed at source, and he has a solid and consistent track record. To be prudent, we also applied a 10% currency haircut to his income to ensure it met our internal affordability checks.
The couple were planning to use a large portion of their savings for the property purchase. Given Mr B’s specialist role and consistent bonuses, we had confidence in the sustainability of their future income.
We created a capital and interest repayment mortgage over 28 years, with a two-year floating variable rate linked to the Bank of England base rate.
Our clients’ outcome
We created a capital and interest repayment mortgage over 28 years, with a two-year floating variable rate linked to the Bank of England base rate. This gave them the flexibility they wanted, including the option to make lump sum repayments without penalties, which was ideal for their situation.
With the mortgage approved, we’re now putting the final touches in place and preparing the formal mortgage offer. Everything is on track for Mr and Mrs B to complete their purchase in good time and most importantly, to settle into their new home and community before the school term begins. It’s a big move, and we’re delighted to have played a part in helping them take this exciting next step as a family.
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Contact
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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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