£1 million+ mortgage for tech specialist moving from America using RSU income to boost affordability
Key features:
- £1 million+ Restricted Stock Unit income mortgage
- Moving back to the UK from America and staying in the same job
- His bank was unable to help
Our client
Our client asked for help to secure a mortgage using his basic salary plus Restricted Stock Unit income.
He lived and worked in America for a tech firm and relocated back to the UK. He was staying in the same job and had found a £1.7 million house to buy in London.
He initially spoke to his bank to discuss securing a £950,000 mortgage, but its adviser had not heard of Restricted Stock Units before.
How did we help?
Our broker knew which lender to approach when the initial inquiry came through because of his income structure. He was paid in dollars but would be paid in pounds when he moved back to the UK.
The lender asked for a selection of documentation to evidence his RSU income. This included his updated employed contract, the investment schedule and the last five years P60's showing the RSU income.
To ensure the lender would accept the application, our broker prompted our client to borrow just over £1 million to qualify for the lender's premier service. It allowed us to apply to be pre-agreed before the full application. As the lenders allow 10% overpayments each year, he could repay the additional borrowing.
What was the rate?
A 1.43% rate was fixed until 28/02/2027, and after the fixed period, it reverted to the bank's 3.59% standard variable rate.
The overall cost for comparison is 2.8% APRC. The arrangement fee was £999, and early repayment charges were applied. The mortgage term was 25 years, and they had a 30% deposit.
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