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Our Case Studies Client’s return from Australia requires a bespoke lending solution

Client’s return from Australia requires a bespoke lending solution

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Are you looking for the best financing terms for a Buy to Let mortgage but have some complex holdbacks? Maybe you’re unsure on the best solution to help your current mortgage situation? We have the banking contacts on hand to provide a tailored solution where other lenders may not be able to help. To discuss this or any other large or complex mortgage case, please contact us on 020 7519 4984 or email us.

Case Profile

A large proportion of our clients here at largemortgageloans.com are ex pats or foreign nationals who often struggle to source finance from High Street lenders. Their situations are not unusual – in fact with the rise of the global citizen they are in increasingly common. However, there’s usually a factor or a series of circumstances that make their case slightly more complex. That’s where we step in, as we have the network and skills to negotiate the best possible rate, even if the lender is manually underwriting our client’s lending.

We recently worked with a client who was returning to the UK after a number of years as a self-employed tradesman in Australia. He was looking to raise £237,000 to cover his divorce settlement against a buy to let (BTL) property worth £500,000 which he owned outright in his home town.

The BTL property was tenanted and our client was living with family and friends during the first few weeks of his return to the UK. Long term, he planned to resume his work as a self-employed tradesman and build up his client base in the UK. However, when he approached us he had no evidence of UK earnings outside of his BTL rental income.

Our client had much in his favour; the rental yield from the property was high and he was seeking a low loan to value ratio. However, his lack of recent income meant that most lenders wouldn’t consider his application.

Solution

Our Senior Mortgage Associate Daniel Gracie took up the case and approached a small building society with whom largemortgageloans.com has a very strong relationship. He presented the case to their small team of accessible underwriters, who took a common sense approach to the application and agreed an offer from their standard product range.

Deal Highlights

Loan amount:£237,000
Rate:3.4%
LTV:48%
APRCOverall cost for comparison 4.4% APRC representative variable
Term3 years
Type:Repayment
Loan purpose:Remortgage
Lenders arrangement fee£800
Early repayment charge1%

Notes
This case study is for information and illustration purposes only. It is not an offer, or suggestion of an offer. Each mortgage case is assessed on an individual basis and there is no guarantee that the solution described here can be repeated in the future.

Please note that this specific deal may not be available to – or suitable for – all customers, dependent on their individual circumstances. The rate quoted may become out of date at short notice and may not be available at the point at which customers enquire about it. This document may not contain all the information needed for customers to make a decision and they should seek advice.

Overall cost for comparison 4.4% APRC representative variable based on 36 payments at a the lenders variable rate, currently 3.4%. Because all, or part of, the mortgage is currently, or will revert to, a variable interest rate mortgage, the actual APRC could be different from this APRC and the payments could increase, if the interest rate of the loan changes.  For example, if the interest rate rose to 10.50%, the APRC could increase to 9.00%. The actual rate available will depend on your circumstances. Ask for a personalised illustration.

Your home or property may be repossessed if you do not keep up the repayments on your mortgage. Changes in the exchange rate may increase the sterling equivalent of your debt.

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This Month’s Top Fixed Rate

Fixed rate
Initial rate: 1.35%

Period: 2 years

Rate will revert to a variable rate, currently 4.99% thereafter
The overall cost for comparison is 4.46%

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This Month’s Top Variable Rate

Variable rate
Initial rate: 0.97%

Period: 2 years

Rate will revert to a variable rate, currently 4.99% thereafter
The overall cost for comparison is 4.37%

Get This Rate

Some of this month's top interest rates are listed above; the actual rate will depend on your circumstances. Please note that this information does not contain all the details you need to choose a mortgage, ask one of our advisers for a personalised key facts illustration on 020 7519 4900. The rate displayed may become out of date at short notice.

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