Parisian expat buy to let mortgage on rent not meeting affordability stress test

Area
Hackney, London
Capital Raised
£530K

Taking advantage of opportunities for work transfers abroad calls for mortgage refinance that’s responsive to individual circumstances.

The Scenario

Our clients are a young couple – she’s British, he’s Portugese – who established their careers in London and bought their first home in Hackney. But they could both get transfers with their companies to Paris, so it was au revoir Broadway Market, bonjour Avenue Parmentier.

Having lovingly sanded every floorboard and planted every window box of their London home, they chose to let it out to friends at a substantial discount on market rent. They wanted tenants who would take good care of the property – and who they trust will vacate if and when they want to return.

But when it came to looking for expat BTL mortgage finance, the rental return wasn’t meeting lenders’ affordability stress tests. The best rates they’d been offered were from 3-4%.

The Solution

We went looking for a lender who would treat the property as though it was returning a full market rent (which it could, if necessary).

We secured them a 2-year fix for 2.99% with a booking fee of under £300.

More about mortgages for UK expats

Mathew Phillips

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.

Alex Chambers

Senior Finance Broker

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.

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. Please get in touch and we can arrange a time that's convenient for you to discuss your situation.

Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

Is your situation similar? I am a bridging finance specialist at Clifton. I can find a quick, cost-effective solution for the funding you're looking for.

Robert Gibb

Senior Finance Broker

Bristol

0117 959 5094

Are you looking for mortgage or short-term finance for residential or buy-to-let property (including HMOs)? I have extensive experience in finding property finance solutions for UK and international clients, both as individuals and limited companies. Please give me a call and let me see what I can do for you.

Adam Arnott

Associate Director

Bristol

0117 205 0214

Is your situation similar to this? I have extensive experience of advising clients who need creative property finance solutions. Please get in touch and we can arrange a time that suits you for a detailed discussion of your requirements.

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