Case study: a mortgage for international relocation during retirement
Investec works with a number of clients with international wealth. A former financial services professional based in South Africa recently contacted us when he wanted to relocate to the UK with his wife and buy a new home.
Our client had a successful career in finance and accounting, but he and his wife were recently retired with a number of investments and directorships. With fewer daily commitments, they wanted to relocate to the UK to spend more time with their family.
The client wanted to purchase a five-bedroom home in leafy Surrey and needed to complete the transaction within weeks to secure the deal. In a volatile economic environment, he wanted to avoid liquidating any existing investments. However, with no UK credit history or a regular salary, securing a mortgage for the property could have been difficult.
At Investec, we’re able to look at wealth holistically to make an appropriate assessment of affordability.
Our team was able to provide a loan to the individual by considering the investments he held globally, including assets held in a trust. We provided the client with a 65% LTV mortgage on a fixed interest rate for the first five years. This provided clarity over initial repayment costs.
The client told us: “I wanted to fund the acquisition of a property in the UK; this was in circumstances where I could pay cash for the property but was reluctant to do so because of a collapse in stock markets following the Ukraine conflict.
I found my experience in dealing with Investec to be a pleasant one with an outcome that I am happy with. I dealt with four or five members of the Investec team and I found all of them to be courteous and professional in their interaction with me. In particular, I appreciated the flexibility of the bank’s approach.”
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Disclaimer: 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.