New Build Off-Plan Purchase - SGD Income, London Zone 2
£620,000 property · 75% LTV · 5.25% fixed 5yr. A chartered accountant two years into a Singapore posting buying off-plan in Hackney with a mortgage offer valid for 24 months.
The Client
British national, 33, chartered accountant. Two years into Singapore posting.
The Challenge
On SGD 145,000 pa with no existing UK property, the borrower wanted an off-plan purchase of a two-bedroom new build in Hackney, East London at £620,000, needing to exchange within the developer's 30-day deadline with completion in 24 months. The off-plan purchase meant the mortgage offer needed to be valid for 24 months, and the borrower was non-resident making a first UK property purchase.
Our Solution
Doulton identified a specialist expat lender offering new build mortgage offers valid for 24 months, critical for off-plan purchases with long build programmes. The lender accepted SGD income at a haircut and assessed affordability on a personal residential basis (the client intends to return to the UK when the property completes). The mortgage offer was secured within 3 weeks of application, ahead of the exchange deadline.
The Outcome
Mortgage in principle issued within 2 weeks and a full mortgage offer within 4 weeks. Client exchanged on plan within the developer's 30-day deadline with 24-month offer validity secured. The property is expected to complete when the client plans to return to the UK. Key highlights: 24-month mortgage offer validity for off-plan purchase; exchange deadline met without requiring a return to the UK; SGD income accepted for a personal residential mortgage; first UK property for a Singapore-based buyer.
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