Ex-pat soldier purchases buy to let in need of work

A broker approached us for help in arranging finance for his client, a soldier and part-time landlord who is currently on tour Iraq. The client already owns two buy to let properties and was looking to purchase a third. The property in question is a 3-bed semi-detached house in his hometown of Blackpool in need of minor refurbishment before it can be let.

The main challenge for us was to find a lender that would not only accept an ex-pat but would also accept the soldier’s tax-free income and his army base address. Verifying the address proved somewhat difficult, however we were able to obtain a work contract containing the relevant details, an army reference and confirmation from HMRC that the soldier does not currently pay tax in the UK.

We placed the case with Keystone Buy to Let Mortgages which agreed to lend subject to £10k retention until the works were complete. Here are the details of the deal:

Property value: £88,950

Loan amount: £66,710

Monthly rental income: £600

LTV: 75%

Rate: Tracker at 4.84% (Lender’s LIBOR + 4.24%) for loan term

Product: Keystone Classic Range, standard buy to let mortgage for individuals

Term: 25 years interest only

Monthly mortgage payment: £269

Gross yield: 8.1% pa

Lender arrangement fee: 2.5%

Proc fee: 0.4% of loan amount (£267)

Completion date: February 2015

This is just one example of how I've helped a client secure a buy to let mortgage. To see more of my case studies please visit my profile page. And if you have any funding requirements, please do not hesitate to contact me. My direct line and email address can be found below.


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