Hectocorn was recently instructed by a UK national residing in Dubai who was seeking to refinance his secondary residence in the UK. The client had recently sold his business and, while liquid and asset-rich, was not drawing a traditional income at the time of application. This made securing a refinance facility through standard underwriting channels difficult — particularly for an interest-only structure.
What the client needed was a dry lend: a mortgage without requiring assets under management to be placed with the lender, and one where affordability could be assessed based on overall wealth and background assets, rather than conventional income multiples.
We arranged a £2,800,000 interest-only mortgage, fixed for 3 years at a competitive rate of 5.45%, with a loan-to-value of 67% against the property. The facility was structured over an 18-year term to provide long-term flexibility, with repayment expected through either eventual asset sale or liquidity events later in the term.
The lender took a holistic view of the client’s financial position, recognising the recent business exit and the client’s significant unencumbered wealth. No formal income was required to service the debt, and no assets were pledged under management, which was a key priority for the client.
This case illustrates how Hectocorn sources dry lending options for internationally based clients with wealth held in non-traditional formats — particularly where private banks or mainstream lenders are unable to flex their underwriting approach.
Key Deal Highlights
- Loan amount: £2,800,000
- Loan-to-value: 67%
- Repayment: Interest-only
- Structure: Dry lend (no AUM required)
- Location: UK property owned by Dubai-resident borrower
If you’re based overseas and want to refinance UK property without placing assets under management or relying on conventional income assessments, we can help.
Refinance Your UK Property with Flexible Expat Mortgage Solutions
Frequently Asked Questions
A dry lend is a mortgage facility where the lender does not require the borrower to place assets under management (AUM) with them. It’s common in private banking and UHNW lending when the client is liquid but wants to maintain financial flexibility.
Yes. We regularly work with UK nationals living overseas, including the UAE, to secure mortgages and refinancing solutions for UK properties — often using wealth rather than income as the basis for affordability.
You can still qualify for lending if you have significant background assets or liquidity. In this case, the lender was willing to underwrite based on overall wealth, not regular salary.
Yes, especially for high-net-worth individuals. We secured an 18-year interest-only structure here with a 3-year fixed rate, providing long-term optionality and minimal monthly outlay.
Not always. Many private banks require this, but we specialise in dry lending — helping clients access finance without pledging assets or shifting AUM unless they want to.