This week's case study illustrates how Alexander Hall managed to secure a fantastic deal for an ex-pat client looking for a home in the UK, with flexibility to let the property whilst abroad.
Our clients' challenge
Our client was an ex-pat, living and working in the US. After a long search they found their ideal property to purchase in the UK. The intention was to use it as a U.K base when in the country, and let it out for the long periods when they were in the U.S.
They soon realised from early conversations directly with their current bank, that their bank would not be able to assist and that their circumstances and requirements presented a real challenge in obtaining a mortgage.
Alexander Hall's solution
Having used our knowledge of the market combined with our access to underwriters, we were able to secure a residential mortgage product for our client.
The lender offered a 24 week ‘consent to let’ for short lease lets, which was perfect for the client’s circumstances. They also allowed AirBNB tenancies, an important flexibility the client required.
This was secured at a rate of 1.8% for borrowing of £850,000, a much lower rate than the client was expecting. The client felt their expectations had been exceeded by Alexander Hall and were delighted with the outcome.
