An expat buy to let property portfolio remortgage is not the easiest mortgage to tie together. This expat client had retired in South-East Asia and was aged 74, both of these being restrictive factors.
The client owned a portfolio of properties in London comprising of various houses and flats. Their cumulative value was approximately £4.5 million and he owed £2 million against them.
I mentioned my client’s age being an obstacle. However, as a buy to let landlord with an income from renting out these properties my client was at an advantage in this respect. One of the main restrictions in securing mortgages for the elderly is that they tend to have no income outside of their pension. The other problem is lenders become wary of offering longer term mortgage.
An additional factor was that some of the properties within the portfolio were non-standard – this means they may have been ex-council or built in a non-standard way.
Due to these reasons, placing this case with a lender was difficult and time-consuming.