Buy to Let Purchase for Experienced Expat Landlord
The Client: An experienced landlord, employed full time as a pilot and living abroad, wished to purchase an additional rental property to increase their buy to let portfolio.
The Property: A one-bedroom flat located in a prime location in Edinburgh. The property benefits from fantastic transport links to the city centre and lots of local amenities nearby.
The Finance: Our client wished to purchase the apartment to build on their existing portfolio and increase their rental income. To buy the property, our client required a 73% LTV buy to let mortgage to complete the transaction, with the deposit sourced from their personal savings.
The Challenge: As our client was an expat living abroad, there were some challenges to consider. Firstly, living and working abroad meant our client wasn’t paid in sterling, meaning some lenders would not consider their application. Furthermore, we knew many lenders would only accept the application if our client had paid tax in the UK at some point in the last five years, so we would need to gather the relevant supporting paperwork.
Secondly, being situated in Scotland would also restrict how many buy to let lenders we’d have access to. As the purchasing process is slightly different than in England, some lenders do not include Scotland in criteria
The Solution: As a specialist buy to let broker, we have a lot of experience helping expats and foreign investors purchase property here in the UK. We were quickly able to shortlist the lenders that accepted expat landlords and Scottish property.
Having already assessed our client’s tax history and gathered proof that they still held on-shore bank accounts, we approached a lender offering a competitive rate. We packaged up all the necessary documentation and submitted the application for our client. Our client is thrilled to have another property in their growing portfolio!