Ex-pats living outside of the UK since 2011 expand buy to let portfolio

A broker approached us for help in sourcing finance for his clients – a married couple who have been living outside of the UK since 2011.

One of the applicants is in full-time employment, working for a multi-national tobacco company and the other is unemployed.

The couple have been based in Russia since 2014, having previously been based in Turkey.

The couple already own six buy to let properties in the UK, however they were keen to expand their property portfolio further with the purchase of a 3-bed terraced house in Merseyside.

The broker had been unable to directly access a lender that could help.

The challenge in placing the case was not only the ex-pat status but also the fact the client had lived abroad for almost five years – meaning carrying out UK credit checks would be more of a challenge than usual.

Fortunately we have exclusive access to a lender who was able to help. Here are the details of the deal:

Property value: £102,000

Loan amount: £76,500

LTV: 75%

Rate: Loan term tracker at 4.75%

Term: 16 years capital and interest

Rental income: £600 pcm

Gross yield: 7.1% pa

Lender arrangement fee: 2% (£1,530)

Completion date: Winter 2015

Consultant: Gareth Richards, 01732 471627

Consultant