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Case Study: Investment Property Remortgage for Joint Expat Applicants


Case Study: Investment Property Remortgage for Joint Expat Applicants
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Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin07 Apr 2021
    

Client Background: This joint client was looking to raise capital through a buy to let remortgage but had found it extremely difficult to secure lending due to their residency status. The applicants were seeking a joint remortgage, both living as expats in the UAE.

While one client had a UK passport, the other was a Belgian national. They had found that the vast majority of UK BTL lenders would not accept any remortgage application from an expat investor without a British passport or citizenship status.

Property Information: The clients wished to refinance a property in Liverpool used solely as a rental residence and portfolio investment.

Financial Requirements: Initially, the clients sought a remortgage to the value of £60,000 against a property valued at £80,000, constituting a 75% LTV ratio.

During the negotiations and following a new survey, the property had increased in value. The final remortgage secured was £67,125, as 75% of the current valuation.

The Revolution Brokers Solution:

Revolution Brokers discussed the scenario with our clients and took some time to understand their residency and citizenship positions to make a professional recommendation about the most appropriate lender.

We acknowledged the challenge in securing BTL remortgage borrowing from a UK lender, with one of two joint applicants being a non-UK national. The solution was to negotiate a buy to let remortgage with Shawbrook, as one of the lenders we regularly work with. This lender has flexible policies and is open to negotiating terms in non-standard situations.

While the interest rate is relatively high compared to standard market rates, we analysed other opportunities to ensure the deal was the most competitive available. Revolution confirmed this would still represent a positive cash flow output compared to the interest costs and rental income.

Our client was satisfied that this represented value for money and a resolution that would immediately release the capital required for their other plans.

The remortgage is on a five-year fixed rate, as the most advantageous term, and will be open to refinancing after this time.

Property Valuation:

£89,500

Total Mortgage Borrowing:

£67,125

Loan to Value Ratio:

75% BTL remortgage

Negotiated Interest Rate:

4.79% Five-year fixed rate

Mortgage Term:

25-year standard term

Monthly Payment Value:

£271.96 interest-only

Arrangement Costs:

£900 fixed cost

Rental Income Achieved:

£499 per month

FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.

We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.