Top-sliced BTL remortgage for Guernsey resident
The Scenario
Our client is an insurance industry high-flyer, working as chief actuary for a company in Guernsey, and living (as most UK "expats" in Guernsey do) in rented accommodation.
He’d rented out his home in Middlesex, and was now looking to remortgage it onto a buy to let.
He’d already paid off a substantial amount of equity on the house. But one potential stumbling block was the fact that the rental income he was receiving now wouldn’t cover the lower loan to value ceiling on a BTL (75%).
Plus his Guernsey residency (it’s a "self-governing British Crown Dependency," but not part of the UK), and the fact that he was now not an owner-occupier applicant.
The Solution
It’s not uncommon for the rental income on a property that was previously the owner’s residence to not completely cover the mortgage payments.
We identified a very acceptable work-around for his residency status, and found a lender who was willing to let him "top-slice" his affordability assessment by topping up the shortfall on rent receipts from his £135K+ annual income.
He was very happy with a 2-year fixed-rate BTL remortgage at 1.82%.
Read our blog about UK property finance for Guernsey residents »
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
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 to discuss your situation at any time that's convenient for you.
James Palmer
Senior Associate
London
0203 900 4322
Are you looking for similar property finance? I specialise in development and commercial finance for Clifton - I can find creative and commercially effective solutions for your project.
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.