UK property is considered a highly desirable asset. So it’s not hard to see why many British nationals living abroad still have an active interest in their home country’s market, whether via an old family home or by choosing to invest in buy to let property.
Yet mortgages for British expats can be quite challenging to arrange, especially for high-value homes. Buy to let mortgages for British expats are even more difficult. Fortunately, arranging buy to let mortgages for expats is one of our specialities, meaning we are able to solve cases like this with minimal fuss.
If you’re looking to enter the UK’s buy to let market, our free guide, Navigating the changing world of buy to let finance, could be of assistance.
The client:
The client was a British expat living and working in the UAE. She had several buy to let assets in the UK, including a beautiful property in the south west of England – which had previously been her family home.
As she expected to be living in the UAE long term, she was keen to purchase a residential property there, but needed to release equity from her existing assets to do so. We therefore needed to help her refinance her UK buy to let property in order to provide a deposit for the onward purchase.
The solution:
When you’re arranging property finance while living abroad, juggling time zones and cross-jurisdictional regulations is always challenging. And – unless you are highly experienced – it can be difficult to understand the nuances of the buy to let mortgage market, let alone ensure you get the best deal.
A broker can navigate this on your behalf, which is why this client was keen to work with us. We approached a niche building society which specialises in mortgages for expats and foreign nationals, and were able to arrange to release the equity (a sum over £1 million) on a three-year, interest-only basis.
Having this loan on an interest-only repayment structure was particularly beneficial, considering the property was a rental. This was an excellent resolution for our client, who was able to proceed with her planned property purchase in the Middle East.
The case in brief:
- British expat living in the UAE
- Seeking equity release on high-value buy to let property
- Three-year interest-only term
- Placed with niche building society specialising in mortgages for expats