Case study: How we helped a self-employed pilot working in the Middle East buy a second home in the UK.
Case summary:
Client type: British expat
Occupation: Pilot
Country of residence: Middle-East
Income currency: USD
The client:
Our client was a British pilot working in the Middle East. Rather than being employed directly, he operated via a contractor and chanelled his US dollar income through his own US-registered company. He had an established contracting history, a strong income and an excellent financial track record.
The client already owned his main home in London but wanted to purchase a second property in the UK. His intention was to renovate it gradually over the coming years while continuing to work overseas, eventually creating a long-term family home without the pressure of completing the project quickly.
The situation:
The income challenge:
Although the client's income was substantial, the application was more complex than a standard residential mortgage.
His income was earned overseas in US dollars through a US-registered company, meaning a lender would need to devote time to understanding his business structure, his foreign currency earnings and the effects of any overseas taxation.
They would also need to apply a “haircut” to his income to hedge against the effects of any future foreign currency fluctuations.
Our solution:
Before approaching lenders, we reviewed the client's income structure, company accounts, contractual arrangements and supporting documentation to identify those with experience of assessing overseas contractors and foreign currency income.
Rather than allowing the absence of accommodation evidence to become an obstacle, we explained the reason behind the missing documentation and presented alternative evidence wherever appropriate. We also demonstrated the stability of the client's contracting history, the consistency of his income and the overall strength of his financial position.
By matching the application with a lender that understood more complex international income structures, the case was assessed on its merits rather than against standard underwriting assumptions.
Our client’s outcome:
The client successfully secured a mortgage for his second UK property while retaining ownership of his London home.
The lender was comfortable assessing income generated through the client's US company, accepted the available evidence supporting his overseas living arrangements and took a pragmatic view of the documentation restricted by the non-disclosure agreement.
With the mortgage in place, the client was able to begin renovating the property at his own pace while continuing his career overseas, giving him the flexibility to build his future home over time.
Employment structure: US limited company
Property: Second residential home
Main challenge: Limited residential evidence due to NDA
Mortgage arranged by bespoke negotiation
The residency challenge:
Adding to the complexity, his accommodation in the Middle East was provided by the company he contracted for. However, because he was bound by a strict non-disclosure agreement, he was unable to obtain the standard documentation many lenders would normally expect to verify this arrangement.
The affordability challenge:
Retaining his London home while purchasing a second property also meant affordability needed to be assessed carefully, taking into account both existing and future financial commitments.