Ex-pat in Thailand refinances UK rental flat to raise capital

The client is an ex-pat who has been living in Thailand for over ten years, working for a multi-national company.

He owns five rental properties in the UK and an unencumbered home in Thailand. He contacted us looking to raise capital against one of his UK rental properties – a 2-bed purpose built flat in a block of 20.

The client was hoping to use the capital raised from this transaction to purchase further buy to let properties in Manchester.

We needed to find a lender which would accept ex-pats who have lived abroad for more than five years.

Fortunately, we have access to an intermediary only lender that was able to assist.

Here are the details of the deal:

Property value: £375,000

Loan amount: £192,000

LTV: 51%

Rate: 4.49% term tracker (3.74% + Lenders LIBOR 0.75%, variable)

Term: 25 years interest only

Borrower: Individual ex-pat application

Lender arrangement fee: 1.25% (£2,375)

Mortgage payment: £718 pcm

Original mortgage payment: £413 pcm

Rental income: £1,200 pcm

Gross yield: 3.8% pa

Consultant: Gavin Elley, 01625 416396