Second home purchase for an American business owner

Dan Gracie

Specialist Lending Director

The Requirement

An American client of ours runs a successful business in California, earning his income through business owner draws and separate freelance consultancy work in the United States. We needed to have all of this income assessed and approved by a lender to assist him in purchasing a second home in the UK for use when working in London.

While expat lenders accept income in various currencies, most prefer applicants employed by large or multinational companies; only a few are willing to consider those who are self-employed or directors of their own businesses.

The Solution

We called upon a trusted relationship with a lender who had the flexibility to consider self-employed income in USD from multiple sources, which was crucial for our client’s unique financial situation.

To support the mortgage application, we compiled a comprehensive package of evidence, including US business accounts, corporate and individual tax returns, and the US equivalent of P60s. We collaborated closely with the underwriter, presenting our client’s financial stability and income streams to demonstrate that a second home in the UK would be a manageable and affordable investment. This thorough approach helped to ensure the lender’s confidence in approving the loan.

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