Darlington Building Society has completed an 80% LTV mortgage for a joint application from clients living and working in Saudi Arabia, helping them purchase a new-build home in Teesside.
The case, introduced by Natalie Boult, Mortgage & Insurance Director at Efinancy, involved a number of complex factors, including a deposit made up of personal savings alongside a 5% builder contribution.
The main applicant was employed overseas as a contractor and paid in Saudi Riyals, requiring careful assessment of foreign currency income alongside the additional considerations associated with an expat application. The case also required borrowing at more than five times income to meet the applicants’ affordability needs.
Darlington Building Society assessed the application on its overall merits, taking a practical approach to underwriting that reflected the applicants’ income profile, overseas employment and wider financial circumstances. The Society was also able to accommodate the builder incentive within the overall lending structure.
The application was supported through Darlington Intermediaries’ digital platform, MSO, with the case progressing through a dedicated underwriter. This allowed the broker to work closely with a single point of contact throughout the process and secure completion of the £350,000 loan.
“Cases like this demonstrate why specialist underwriting still has an important role to play. On paper, there were several features that would have prompted further questions, from overseas contractor income and foreign currency through to the higher income multiple and new-build purchase.
“The key was understanding how those different elements worked together. When you have experienced underwriters who are prepared to look beyond standard criteria, it gives brokers greater confidence that complex cases will receive the consideration they deserve. That’s exactly the type of support we aim to provide.”
Chris Blewitt, Head of Mortgage Distribution at Darlington Building Society
