I live and work full time in the UAE and am a British citizen. I am looking at options to buy a property in the UK in which my sister will live for some time before I return back to the UK. I want to know what LTV and rates I would be looking at for residential mortgages. I have read online that an 80% LTV is achievable?
My wife and I are American and have lived in London for 6 years. We want to buy here now. We have a tier 2 visa with my wife as the primary visa holder and I am her dependent. We will get indefinite leave to remain in 1 year.
The flat we want to buy is listed at £825,000. We can put £200,000 down payment. My wife owns a property in Midtown Manhattan worth approximately $1.4m. She currently receives $3650 monthly rent from her tenant. The annual building fees and taxes totals $15,000 per year, so the pre-tax annual income is about $28,000 per year.
My wife would not be on the property title / mortgage because we want to save on Stamp Duty and I am the only eligible first time buyer. Please correct me if I am wrong about that.
I am a Partner in a LLC with total annual income of £200,000. I have been a Partner at this firm for 15 months. The firm manages Emerging Markets debt and credit portfolios for US mutual funds and other clients with total assets under management of approximately $1 billion. I am a Portfolio Manager for these investments. My annual income is salary/draw and bonus.
My wife works for a PR agency and earns £36,000 per year plus £2,000 bonus.
Is is possible for us to borrow the necessary £625,000 to buy the flat we want?