The case in brief
- Client: French National & Resident
- Property type: Residential Home
- Property value: £1.1 million
- Loan Amount: £850,000
- LTV: 77%
In the current volatile environment, clients – and ourselves – must move fast to secure rates. Delays of even 24 hours could raise your rate and your monthly payments.
It is reported that economists expect interest rates to more than double to 5.5% by summer 2023, with the current level being at 2.25%.
Our Client
In this case, we were approached by an existing client, a French national and resident looking to remortgage their UK property. The residence is located in South London.
To find out more about property finance for overseas clients, explore our page UK Mortgages For Residents in France.
The client had originally approached us to secure a bridging loan to buy the property. The clients were close to losing the property and therefore needed a bridging loan due to the pace they could be secured.
Buying a property with a bridging loan brings many advantages such as rapid completion, flexibility and short term. We then began the process of applying for a standard buy-to-let property with a niche building society which we regularly work with.
Our Solution
Articus Finance can help French residents secure financing on UK properties, even if their profile is ‘abnormal’. As this case illustrates, despite the client having no financial footprint in the UK, we were able to find a solution rapidly with preferable terms that suited all parties involved.
Our Broker was aware that this type of case required specialist knowledge of the whole market and approach a lender who would be comfortable offering a loan to foreign nationals with no financial track in the UK.
We ultimately secured a mortgage deal with a challenger bank that was able to offer them a competitive fixed-rate at 77% LTV.
Whether your present mortgage product is coming to an end or you simply want to discuss your current product, Articus Finance can help you find what you are looking for and archive your mortgage goals.