Self-employed ex-pat purchases first buy to let

We were approached by a broker who was having trouble sourcing finance for an ex-pat client who was looking to purchase his first buy to let property - a three bed semi-detached house in Essex.

The client lives in Singapore, is self-employed and runs a successful technology business.

The number of lenders willing to look at the case was restricted because the client:

  • Is a first-time landlord so he has no previous experience of running rental property

  • Is not a home-owner – he had recently sold his UK home

  • Is a self-employed ex-pat

Unable to qualify for longer term finance with any of the mainstream or specialist buy to let lenders, the broker knew that the Solutions Range from Keystone was likely to be one of the few options available.

Here are the details of the terms offered:

Property value: £440,000

Loan amount: £200,000

LTV: 45%

Rate: 9.25%

Term: 3 year fixed term, interest only

Facility fee: 3% (£6,000)

Mortgage payment: £1,595 pcm

Rental income: £1,800 pcm

Gross yield: 4.9% pa

Consultant: Gareth Richards, 01732 471627