80% LTV secured for a 60-year-old first-time UK buyer using a combination of self-employed and pension income.
GCC-based investor (Saudi national, Saudi resident)
The Client
A 60-year-old Qatari national purchasing their first property in the UK. The client had been visiting the UK regularly with family, renting serviced apartments each time, and was unaware that non-UK residents are eligible to purchase residential property in the UK. Income was drawn from a combination of self-employment and guaranteed government allowances including a pension, both of which needed to be fully considered in the affordability assessment.
The Opportunity
The client identified a residential property in Cambridge, priced at £2.8 million, as a base for regular summer family visits. The objective was to move away from the ongoing cost of renting serviced apartments and establish a long-term asset in one of England’s most desirable locations. The finance needed to be Sharia-compliant and structured to remain manageable through to the client’s planned retirement at age 75, making a 15-year maximum term a hard requirement.
The Challenge
The case involved a combination of borrower and income profile factors that narrow the field considerably among Sharia-compliant lenders.
- Non-UK resident status with no prior UK property or credit history
- First-time UK buyer with no existing UK mortgage track record
- Age profile of 60 limited the available term and required a lender comfortable lending into later life
- Self-employed income required full recognition rather than a discounted or restricted assessment
- Self-employed income required full recognition rather than a discounted or restricted assessment
- Sharia-compliant finance requirement significantly narrowed the pool of eligible lenders
- 80% LTV target on a £2.8 million property represented a high loan value for a non-resident first-time buyer
Rainstone Money’s Approach
Rainstone identified a specialist Sharia-compliant lender willing to assess both the client’s self-employed income and full pension income for affordability purposes, rather than applying the discounted treatment common with non-standard income types.
The case was structured around the client’s combined income position and the quality of the Cambridge asset. A 15-year term was secured, aligning repayments with the client’s retirement timeline and keeping monthly payments comfortable throughout the facility.
Rainstone also played an advisory role in informing the client that UK residential property ownership is fully accessible to non-UK residents, opening a route that the client had not previously considered.
The Outcome
- An £2.24 million Sharia-compliant residential mortgage was secured on a £2.8 million Cambridge property
- 80% LTV achieved, limiting the client’s deposit requirement to £560,000
- Both self-employed income and full pension income were recognised in the affordability assessment
- A 15-year term was structured to align with the client’s planned retirement at age 75, keeping payments manageable throughout
- Completion achieved within 8 weeks from application
- The client now owns a permanent UK base for family visits, replacing the recurring cost of serviced apartment rentals
- The case demonstrates that GCC nationals aged 60 and above can access UK residential finance using a mixed income profile, where the right lender is identified
“Age and mixed income profiles are often treated as deal-breakers by mainstream lenders. This case shows that with the right lender and the right structure, GCC nationals in their 60s can still access competitive, long-term Sharia-compliant finance in the UK.”
Rahul Modasia
Specialist in Foreign National
Investment & Mortgages
International Finance Experts
For expert advice on foreign national investments and mortgages, please contact Rahul Modasia on
07395 043003 or via email at rahul@rainstonemoney.co.uk.
