Eligibility and criteria
• We typically arrange loans in the US Dollars or Sterling; however other currencies are available if your salary is paid in that currency
• Repayment and Interest only loans are available
• The maximum loan to value is 65/70%
• The maximum term is 30 years.
• The minimum loan amount is US$100,000/£100,000 with no maximum
• All schemes require full documentary evidence of income – ‘self-cert’ mortgages are not available
Affordability
To qualify for a mortgage in the USA, a calculation is used to establish whether you can afford to maintain the mortgage repayments. This will automatically happen when you complete our enquiry form and we will not charge you for this service.
Example for US Dollar mortgage only: Your existing liabilities, including your UK mortgage or rental payments, loans, credit card payments and maintenance are taken into account, together with the proposed USA mortgage payments. All this must not typically exceed 38% of your monthly gross income. For example if your gross joint income is £2,500, 38% of this equates to £950. If your only liability is your current UK mortgage payment of say £300 per month, this would leave a balance of £650 for your USA mortgage repayment.
Example for Sterling mortgage only: If, for example, your gross annual income is £100k per annum we will use 5 x £100,000, minus any existing mortgage/other existing debts. For example, £100,000 per annum x 5 = £500,000 minus existing mortgage borrowing of £75,000 and no other existing debts, we could therefore lend £425,000
The amount that you can borrow is also restricted by the maximum loan to value as mentioned under Eligibility and criteria.
Proof of income requirements
If you are employed:
• Your last three month’s payslips
• Your latest P60 and employers reference
• Your last three month’s personal bank statements
If you are self-employed:
• Your last two year’s Audited Accounts, Tax Returns and Accountants reference
• Your last three month’s personal bank statements
Other documents will be required and will be confirmed when application forms are sent to you.
Max term 40 years
£ 100,000 minimum loan
Repayment and Interest only mortgages
