Case study: Mortgage for father and son with foreign currency income

The borrower

A father and son were looking to be named co-owners of a high-end apartment in Surrey. The father was a legal professional earning in dollars.

The challenge

The father was the primary earner and received all of his income in US dollars. This meant his monthly draw and bonuses were subject to currency market volatility and increased variability.  

The solution

Investec was able to apply a currency haircut to the father’s base salary and bonus income. We also considered the appropriate tax deductions on his ability to service the loan. With a true understanding of the borrowers’ financial position, we provided a six-year interest-only mortgage for £2m.

Important information:

Your property may be repossessed if you do not keep up repayments on your mortgage. Investec residential mortgages are only available for residential properties in England or Wales and are primarily available to UK residents and subject to eligibility. This is a case study based on the services we provide and may be hypothetical. Some details may also have been changed for client confidentiality.