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Helping A Ghanaian National Who Had Never Been To The UK Buy UK Property
Learn how we made the difference
The ace up your sleeve
Client Background
An accountant referred a client of theirs to us. They had a client who lived in Ghana and was a successful businessman, who was also renting out property in Ghana. He wanted to really diversify his portfolio by investing outside of Ghana, however they still wanted a level of control over the investment, so the accountant suggested renting out property in the UK. His goal was simple: diversify his investment portfolio and invest in the UK.
The Challenge
The case was somewhat difficult not only due to the client being a foreign national, but that Ghana is traditionally seen as a high-risk country, with a relatively high BASEL score. The client did have plenty of cash to purchase a property outright, but was keen to raise a mortgage as the lower interest rates were a key advantage over purchasing a property in Ghana.
The Solution
We first helped the client set up a Special Purpose Vehicle (SPV), which is a special kind of limited company. This then allowed them to set up a UK bank account and move their funds into the UK. We then sourced a long-term bridging loan with a specialist lender. The bridging loan runs for 24 months, with the first 12 months interest payments rolled up into the loan, giving the client a chance to rent out the property, ready to cover the monthly payments from month 13. We were able to secure them a 60% LTV loan. Assuming there are no missed payments, the lender has agreed to offer them a full term mortgage in 24 months time.
The Outcome
The mortgage was secured at 60% LTV, allowing them to keep more of their liquid cash in Ghana, as they preferred. They also know that, if they make the monthly payments, the current lender has agreed to offer them a them mortgage in 24 months time, giving them peace of mind. The clients now have a footprint in the UK through their new limited company, which also gives them access to a UK bank account. In 24 months time they will also acquire another property using a standard term mortgage, helping to expand and diversify his portfolio even further, while he can rest easy that his investment is secured in a safe jurisdiction like the UK.
Why This Case Stands Out
This was a very interesting and rewarding case, as we were able to go above and beyond the clients expectations.
Using our network of professionals, we were able to connect him with a UK based accountant, a property sourcer, and solicitor who were all willing to help him make his dream come true from back home in Ghana - he has still not visited the UK, but hopes to some day.
The client has told us he is very happy with the returns so far, and feels a lot more comfortable holding his investments in the UK and priced in Pound Sterling.
Better yet? We did it all without charging the clients any broker fees. Just another way we are trying to do things differently at Woodason Financial Services.
The ace up your sleeve.
Frequently Asked Questions
We understand you will have many questions. We have answered the most common ones below, but please do not hesitate to contact us at any time to discuss your particular requirements.
What makes Woodason Financial Services different from other mortgage brokers?
Woodason Financial Services specialises in helping individuals, business owners, and investors with unique circumstances secure mortgages. Unlike many other brokers and lenders, we will never refuse to take on a case. Our general expertise and knowledge in these niche areas allows us to provide tailored solutions that other brokers might not offer.
How can Woodason Financial Services assist me?
Woodason Financial Services can assist you by understanding the specifics of your particular situation and working with lenders who are more flexible and experienced with your specific needs. We offer personalised advice, help you gather the necessary documentation, and guide you through the entire mortgage application process, making it less stressful and more manageable.
What types of mortgages can Woodason Financial Services help with?
Woodason Financial Services can assist with a variety of mortgage needs including purchasing a new property, refinancing an existing mortgage, or investing in property. Our goal is to find the best mortgage solutions that fit your specific circumstances and financial objectives.
What documentation will I need to provide?
Typically, you will need to provide documentation of your bank statements, proof of identity, and proof of income. Woodason Financial Services will guide you through the exact requirements based on your situation and ensure you have everything needed for a successful application.
How do I get started with Woodason Financial Services?
Getting started is easy. Simply contact us to schedule a consultation. We’ll discuss your specific needs, assess your financial situation, and outline how we can help you achieve your mortgage goals.
What particular "difficult" mortgages do you specialise in?
Woodason Financial Services specialises in all tricky circumstances. Particular highlights include:
• 5% deposit mortgages for clients in the UK on a visa
• Day 1 mortgages for clients moving to the UK on a visa
• Bad credit mortgages, including clients facing receivership or bankruptcy
• Helping foreign nationals who have never been to the UK invest in UK property with a mortgage
• ...and many more!
No matter how impossible you think it is - please contact us today, completely free, for our help and advice.
Our guides
Buying UK Property On A Visa
Our brochure will help you arrange finance without being distracted from your life. We are experts in helping clients in the UK on a visa buy property in the UK, whether you intend to live in it, or as an investment. Download it below, completely free.
Buying Your First Home Guide
This guide is a must-have for those who have not bought their own home. It explains and breaks down in plain English the steps needed to get a mortgage to buy your first home. Best of all, you can get it now for free by clicking below.
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IMPORTANT INFORMATION
Think carefully before securing other debts against your home. Your mortgage is secured on your home, which you could lose if you do not keep up your mortgage repayments.
We may charge a fee for mortgage advice in exceptional circumstances. The amount we charge will be confirmed before any charge is incurred. Please refer to the Terms of Business or contact us for further information.
woodason.co.uk is a trading name of Thanet Mortgages Limited which is authorised and regulated by the Financial Conduct Authority. Your home may be repossessed if you do not keep up repayments on a mortgage or other loan secured on it. Think carefully before securing other debts against your home. Not all forms of bridging finance, secured loans, buy to let and commercial mortgages are regulated by the Financial Conduct Authority.
Woodason Financial Services Limited is never directly compensated to provide opinions on products, services, websites, and various other topics. The views and opinions expressed on this website are purely those of the authors. If we claim or appear to be experts on a certain topic or product or service area, we will only endorse products or services that we believe, based on our expertise, are worthy of such endorsement. Any product claim, statistic, quote or other representation about a product or service should be verified with the manufacturer or provider.
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Registered in England & Wales under company no: 15330673.
Registered address: 76 High Street, Brierley Hill, West Midlands, United Kingdom, DY5 3AW.
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