Enness is an increasingly global operation and we regularly assist clients who live and work all over the world, including expatriates and foreign nationals. I recently assisted a British client based in Australia. My client was a project director in his early forties and an existing Enness client who required advice on a buy to let remortgage.
My client wanted to remortgage his residential property in London to a buy to let mortgage, and release funds to purchase another property. As the loan to value (LTV) would be relatively low, my client was keen to secure a competitive rate. This was not too complicated—however, many lenders who accommodate for expats cannot do this if they are based in Australia.
My client also needed a flexible product, as he was unsure if he was going to return to the UK at short notice. As such, my client needed a flexible product which wouldn’t penalise him if he wanted to return and convert his product back into a residential mortgage.
Fortunately, I knew of a lender currently offering a buy to let remortgage product which is ideal for this situation. This lender is extremely experienced in dealing with expats, so they have a good understanding of how this can work and offer very competitive rates. The final product was a 2-year fixed rate of 2.99%, with no early repayment charge if my client decided to return home and convert back to a residential mortgage.
This is a fantastic lender in this respect. All their products are offered without early repayment charges, which creates flexibility for clients who are unsure what their future plans are. Many expats who are working abroad temporarily decide to keep on their home property, either as an investment or with the intention of returning to it, so products such as these make the process very easy.
If you are interested in this product, please do not hesitate to get in touch as I would be more than happy to introduce you to the relevant lender and provide expert advice for your circumstances.