Day One Remortgage of a flat Bought at Auction
This is a great case study on how Liquid Expat Mortgages helped a landlord in France to remortgage a UK flat bought at auction onto a standard buy to let product.
An experienced landlord living in France and owned four buy to let properties in and around the South-West of England. All the properties had good proximity to Bristol city centre and were suitable for either young professionals who wanted to be near the city centre and varied social life, or for young families who wanted to be near good transport links and schools. He had recently purchased a fourth property at auction as it fulfilled the same criteria as the other three properties he’d already purchased. However, he was unsure how he was going to refinance the property which is why he approached Liquid Expat Mortgages.
How Liquid Expat Mortgages dealt with the situation
As our customer had previously purchased the property at auction with short-term finance, he now wanted to remortgage onto a standard buy to let product and one of his key objectives was to keep repayments low.
As he’s only recently purchased the property at auction less than six months prior, Liquid Expat Mortgages had to identify a lender that would be capable of offering a mortgage after such a short time. As we’d worked with a variety of lenders since 2007, we approached a couple of specialist lenders we knew wouldn’t be phased by the fact the property had only recently been purchased.
The landlord was able to remortgage the property expediently and with the minimum of fuss. The lender was happy as he was an experienced landlord with a good repayment history and the properties were good quality properties. The property was valued at £285,500 and he was able to obtain a loan to value of 75% giving a loan amount of £206,250.00. We managed to obtain a 20-year option on an interest only mortgage which suited our customer greatly.
Mortgage Payments were £698 per calendar month with rental income coming in at just over £1675.00 per calendar month.
UK Expat Mortgages & Remortgages
No mater where you are currently living or working around the world, Liquid Expat Mortgages can help you secure a buy-to-let mortgage or remortgage in the United Kingdom. Contact us now for a free quote. Our fully qualified and experienced mortgage advisers will advise you on the best mortgage options available for your circumstances.Get a free quote
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