The case in brief
- Client: French National & Resident
- Property type: New Build Flat in Central London
- Property value: £875,000
- Loan Amount: £656,000
- LTV: 70%
Our client
A French national and UK resident contacted us regarding remortgaging their investment property in the UK. The new-build apartment, valued at £875,000, was conveniently located in central London and was occupied by a tenant under an assured shorthold tenancy. The client had initially purchased the property with bridging finance to secure the property as there was competition, their current outstanding balance with the bridging finance lender was £560,000. Click here to learn how we assist French residents.
Our solution
Although obtaining a bridging loan to purchase a property has various benefits, such as quick completion, flexibility, and confidentiality, the customer was keen on switching to a standard Buy-to-Let (BTL) mortgage as they are usually much cheaper.
Even though the client had no other financial history in the UK apart from their investment property, we were able to expedite the process due to our relationship with the lender. Securing this mortgage required expertise in identifying lenders who would be willing to extend loans to non-UK citizens with income originating from France. Our broker connected the client with a specialist building society providing a competitive fixed-rate mortgage. The client was happy to utilize their savings to cover any shortfall, as the maximum loan amount available was £520,000.
The Bank of England continues increasing the base rate to boost the value of the pound and combat inflation, causing mortgage rates to fluctuate. If you are nearing the end of your current mortgage terms or seeking a more affordable financial option, reach out to Articus for an obligation-free discussion about your intentions.