Expat remortgaging their UK residence (October 2009)
Our client was British but had moved to New Zealand on a work sabbatical and was renting out his home in the UK. He wanted to raise some capital from this property to give him a deposit to purchase a home in New Zealand, but his existing lenders had declined to lend him any further funds as he was a expat.
We were able to secure a mortgage for him, not only obtaining the extra funds required, but on a residential mortgage rate which at the time was 2% lower than the buy to let equivalent. The lenders key concern was that he worked for a multinational (which he did) and that at some point in the future he would return to the UK.
On this basis they were happy to offer him a residential mortgage with a consent to let the property while he was away.
