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Securing a £2.6m Mortgage for an Investment Banker Couple with Foreign Earnings

Andrew Chalton

Private Client Director

Client Profile

A young couple employed in investment banking were seeking to purchase their first £3.25m property in London. Due to the early stage of their careers, their base salaries were modest, with significant foreign currency cash bonuses and deferred stock awards comprising the majority of their compensation.

Challenge

The couple’s base salaries alone didn’t meet the credit requirements of high-street lenders and most lenders refuse to base affordability on deferred stock awards. Those that could would need to convert their foreign currency income to sterling and reduce (“haircut”) the resultant figure to allow for future fluctuations in exchange rates. This all made the underwriting significantly complex.

Solution

We strategically converted the foreign currency earnings into sterling and presented the deferred stock awards effectively, aligning with the bank’s credit criteria. This approach secured a £2.6m mortgage with a competitive 4.50% short-term fixed rate, fulfilling the couple’s financial needs while keeping arrangement fees minimal.

Outcome

The couple successfully acquired their £3.25m property, with a tailored underwriting solution that minimised costs and maximised financing, resulting in a favourable outcome for all parties involved.

 

Contact Andrew on 07538 971 835 or andrew.chalton@pantherafinance.com

 

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