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Buy to Let re-finance for foreign national clients

This case study highlights how we were able to help our clients re-finance their buy to let property.

Our clients' challenge

Our clients were looking to capital raise on their investment property to fund renovations on their newly purchased family home in Fulham. The clients were both on visas and had been in the UK for just 12 months and held a very light credit footprint in the UK. This precluded them from most BTL mortgage lenders. They had approached their existing offshore personal banker, but they were unable to assist them due to affordability constraints, primarily the issue was the size of the mortgage they already had on their main residence.

Alexander Hall's solution

We sourced a lender that was able to ignore the clients’ large residential mortgage on their newly acquired home. Instead, they focused on the required BTL mortgage and the achieved rental income. They were able to lend up to 60% loan to value using a flexible rental stress test. We secured terms of £550,000 on £1,000,000 property, at a rate of 1.65% on a 5 year fixed rate. This allowed them to proceed with the works on their new home as soon as possible, whilst simultaneously providing security against the backdrop of a rising interest rate environment. Having felt stuck and short on options, our clients were delighted to have completed on such competitive terms and are now underway with their refurbishment.

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