They may not live at home any more, but many of the millions of British citizens living abroad would like to own property in the UK, particularly in preparation for a possible return or for their children to enjoy in the interim.
This was the case for Nick and Veronica Burton, both 68, who’ve been based in Hong Kong for 32 years. They have three daughters in their 30s: Nicole and Amanda, based in London, and Sara who works in Hong Kong.
The rigid constraints of their existing bank meant that Nick and Veronica were unable to secure a loan for their desired property in London.
As with many non-domiciled citizens, their mainstream lender was unwilling because they were based abroad, where a large proportion of the income used to service the debt was paid in a foreign currency. The clients’ age was also a sticking point.
However, Weatherbys Private Bank was happy to assist.
Our Non-Resident Service is designed for individuals who live abroad but for whom the UK is their possible long-term home, and that was the case with Nick and Veronica.
They were met by a private banker and bank director via video conference, and supporting evidence of income and assets were scanned to bank staff via email.
A loan was requested and secured against the Burtons’ existing London property at modest loan-to-value. The two-bedroom flat in Roehampton House is used by the couple when they’re in London, and also by their daughter Amanda.
The loan funds released by Nick and Veronica have since been used to assist Amanda, in order for her to purchase her own flat in Roehampton. What’s more, it’s being purchased from her sister Nicole, who will use the sale proceeds to purchase a larger family home also in Roehampton (she was married last summer). It’s therefore a wholly ‘family transaction’ private purchase.
Nick and Veronica will review their position in Hong Kong in two to three years’ time, with downsizing or returning to the UK a possibility. But whatever path they choose, in Weatherbys Private Bank they have a trusted partner to guide them and their family in the right direction.