Supporting an Italian family with their UK property goals
A wealth planner, private bank and investment manager all-in-one.
Our clients’ wishes
Introduced through one of our broker networks, our clients were looking to purchase a UK property valued at £1.9 million, supported by a £1 million mortgage on a joint borrower / sole proprietor basis.
Our client, who is an Italian resident and national, wanted this purchase to support to his daughter who is resident in the UK. The proposal enabled the daughter to take her first step onto the UK property ladder and begin building her credit history, while allowing her father to provide support in a structured and sustainable manner.
Our clients’ situation
The father is a practising lawyer and his financial information, including bank statements and other supporting documentation, was primarily provided in Italian. We reviewed these in detail and gained a clear understanding of his wealth, income, account activity and overall financial position.
He demonstrated a strong and varied asset base, including investment portfolios, cash reserves and a successful legal practice that had continued to grow year-on-year. This provided us with confidence in his ability to support the purchase and showed that the family was not relying on one source of wealth.
The lending also helped the daughter’s longer-term financial goals by establishing her own UK credit profile. While her father had historically provided financial support, we were able to evidence his ability and willingness to continue supporting the transaction, while also taking into account the daughter’s UK residency and future financial prospects.
The daughter was able to move forward with the property purchase and start building her own credit profile, while the father could support her through a private banking relationship that also introduced the family to our wider wealth management services.
Our clients’ outcome
A tailored lending solution was agreed, allowing the daughter to proceed with the £1.9 million UK property purchase with support from her father. The structure recognised the father’s international wealth position while helping the daughter build her UK credit history.
The case also highlighted our ability to review more complex international information, including documents provided in another language, and still gain a clear understanding of the client’s financial position.
This was a positive outcome for both clients. The daughter was able to move forward with the property purchase and start building her own credit profile, while the father could support her through a private banking relationship that also introduced the family to our wider wealth management services.
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Clients of Nedbank Private Wealth can get in touch with their private banker directly to understand how wealth planning can help them achieve their financial goals and objectives, or call +44 (0)1624 645000 to speak to our client services team.
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Investment values can go down, as well as up, to the extent that you might get back less than you originally invested. The value of your investments may also be affected by exchange rates. The inclusion of any investment structures and wrappers is for information only and should not be taken as advice or a recommendation. You should seek the necessary advice, specific to your circumstances, before making any financial decision.
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We have helped countless high-net-worth clients with their financial needs – some straightforward, some complex. Our bespoke approach, where we really get to know our clients, allows us to offer solutions that other wealth planners and private banks aren’t able to.
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