The client is an ex-pat who has been living in Thailand for over ten years, working for a multi-national company.
He owns five rental properties in the UK and an unencumbered home in Thailand. He contacted us looking to raise capital against one of his UK rental properties – a 2-bed purpose built flat in a block of 20.
The client was hoping to use the capital raised from this transaction to purchase further buy to let properties in Manchester.
We needed to find a lender which would accept ex-pats who have lived abroad for more than five years.
Fortunately, we have access to an intermediary only lender that was able to assist.
Here are the details of the deal:
Property value: £375,000
Loan amount: £192,000
Rate: 4.49% term tracker (3.74% + Lenders LIBOR 0.75%, variable)
Term: 25 years interest only
Borrower: Individual ex-pat application
Lender arrangement fee: 1.25% (£2,375)
Mortgage payment: £718 pcm
Original mortgage payment: £413 pcm
Rental income: £1,200 pcm
Gross yield: 3.8% pa
Consultant: Gavin Elley, 01625 416396