Interest Only Million Pound Mortgage for UK Expat in Bahamas

Interest only mortgage with flexible overpayment for UK expat in Bahamas

Area
Bath
Capital Raised
£1.35M

Some lenders won’t touch expatriate mortgages. Others change their criteria, leaving even their established borrowers high and dry on a standard variable rate when their fixed term ends. A well-connected expat broker will find the lender who will consider your circumstances in the most favourable light.

The Scenario

Our client is the CEO of a financial services company in the Bahamas that owns a £3.5M Grade II-listed rural property outside Bath where his wife and children live while the children are at school.

His fixed-rate mortgage had ended four months previously. It reverted to his lender’s SVR: their lending criteria for expatriate borrowers had changed, and they weren’t willing to offer him a new fixed-term rate.

As a result, he was paying a hefty interest rate while he tried to find an expatriate lender who would give him the level of borrowing he needed.

Some lenders treat tax-free expatriate earnings as though they will be taxed, then take off an additional 25% to allow for currency fluctuations. So once you’ve lost half your income to a notional highest-rate tax band, and another 25% off the top, even the most generous expat remuneration package won’t support a mortgage of this size.

And then he came to us.

The Solution

There were a few major issues that needed to be worked around.

  • The estate to be mortgaged included, as well as the main house, outbuildings and a former church which were rented out. Some lenders aren’t happy with high-value properties with residential and commercial properties included in the same title. 
  • Our client has quite a “lumpy” salary package that varies considerably from month to month. He wanted an interest-only remortgage that offered the flexibility to overpay substantial amounts yearly.
  • The set-up fees on a mortgage of this size can be substantial: a typical expat lender might charge 1.5-2%, which would add up to a hefty £20,000.

We sent our client’s CV along with the property details to a specialist building society and then felt sufficiently confident in his background. The relatively low level of exposure, to be able to offer a very competitive three-year discounted expatriate mortgage at less than half the SVR he had been paying.

The mortgage product is interest-only but allows over-payment of up to a substantial 20% per year, which suits our client’s remuneration pattern.

Moreover, the lender contributed £700 towards the valuation costs and charged a flat-rate product fee of just £850.

It was quite a complex arrangement, but we had an agreement in principle that was being actively progressed by the lender within three days.

In a similar situation? Please call our mortgage finance team on 0117 959 5094 or book a callback into our diary at a time that suits you.

Alex Morris

Private Client Adviser

Bristol

0117 332 5061

Do you need help sourcing your own property finance?

I have extensive experience securing UK mortgages for clients. Book a free telephone consultation with me at a time to suit you 

book a telephone appointment with one of our brokers today

Book Consultation

Scott Dutfield

Finance Broker

Cardiff

0117 959 5094

Are you looking for a similar type of property finance?

As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you

Book Consultation

Carly Cheeseman

Head of International

Bristol

0117 457 9922

Do you need help sourcing your own property finance?

I have extensive experience securing UK mortgages for clients. Book a free telephone consultation with me at a time to suit you.

book a telephone appointment with one of our brokers today

Book Consultation

Nick Kerley

Finance Broker

Cardiff

0117 959 5094

Are you looking for a similar type of property finance?

As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.

  Book a free telephone consultation with me at a time to suit you, Clifton Private Finance

Book Consultation

Specialist Car Finance

Broker Finance Team

Bristol

0203 900 4322

Do you need help sourcing car finance?

Speak to our finance team or book a team to speak that suits you. 

Book Consultation

Business Finance

Business Finance Broker Team

Bristol

0203 880 8890

Do you need help sourcing business finance?

We have extensive experience sourcing unsecured and secured finance for businesses. Book a free telephone consultation with our business loans broker team at a time to suit you.

book a telephone appointment with one of our brokers today

Book Consultation

Mortgages & Short Term Finance

Mortgage Broker Team

Bristol

0117 959 5094

Do you need help sourcing a UK mortgage?

We have extensive experience securing 1st and 2nd charge mortgages. Book a free telephone consultation with our mortgage broker team at a time to suit you.

book a telephone appointment with one of our brokers today

7 Reasons why you should use a specialist mortgage broker »

Book Consultation

Development Finance

Broker Team

Cardiff

0117 959 5094

Do you need help sourcing UK property finance?

We have extensive experience securing UK development finance. Book a free telephone consultation with our team at a time to suit you.

book a telephone appointment with one of our brokers today

Book Consultation

Expat and Foreign National Mortgages

Broker Team

Bristol

+44 203 900 4322

Do you need help sourcing UK property finance?

We have extensive experience securing UK mortgages for clients based outside the UK. Book a free telephone consultation with our team at a time to suit you.

book a telephone appointment with one of our brokers today

Book Consultation

Louis Levine

Finance Executive CeMAP

Bristol

0117 457 7862

Are you looking for a similar type of property finance?

Get in touch today and find out how I can help.

Book Consultation

Bridging Team

Clifton Private Finance

Bristol

0117 959 5094

Are you in need of a similar type of property finance?

Book a free telephone consultation with one of our bridging specialists today and see how we can help you.

 Book a free telephone consultation with me at a time to suit you

Book Consultation

Sam Baker

Finance Broker

Cardiff

0117 959 5094

Are you looking for a similar type of property finance?

As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you 

  Book a free telephone consultation with me at a time to suit you, Clifton Private Finance

Book Consultation

Fergus Allen

Senior Finance Broker

Cardiff

0117 959 5094

Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.

Book a free telephone consultation with me at a time to suit you

 Book a free telephone consultation with me at a time to suit you, clifton private finance

Book Consultation

Jacob Phipps

Finance Broker

Bristol

(+44) 0117 959 5094

Are you looking for a similar type of property finance?

I specialize in helping international clients source residential and investment property finance for UK property. Book a free telephone consultation with me at a time to suit you 

Free telephone consultation service, Clifton Private Finance

Book Consultation

Jack Spillane

Finance Broker

Bristol

0117 959 5094

Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need. customDatabaseField-8455

Mathew Phillips

Senior Finance Broker

Bristol

0117 959 5094

Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.

Book a free telephone consultation with me at a time to suit you

 Book a free telephone consultation with me at a time to suit you, clifton private finance

Book Consultation

Alex Chambers

Senior Private Client Adviser

Bristol

0117 403 4324

Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.

Book a telephone consultation at a time that suits you:

telephone consultation service, Clifton Private Finance

Book Consultation

Luther Yeates

Senior Finance Broker

Bristol

0117 244 5561

Are you looking for a similar type of property finance?

I have extensive experience finding residential and investment property finance for UK and international clients. Book a free telephone consultation with me at a time to suit you.

 Book a free telephone consultation with me at a time to suit you, clifton private finance

Book Consultation

Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

Is your situation similar?

I am a bridging finance specialist at Clifton Private Finance. I can find a quick, cost-effective solution for the funding you're looking for. Book a free telephone consultation with me at a time to suit you.

View Profile »

 Book a free telephone consultation with me at a time to suit you, Clifton Private Finance

Book Consultation

Contact Us