Liquid Expat Mortgages secure a £400,000.00 mortgage for first time holiday let buyer
This is a great case study on how Liquid Expat Mortgages helped a self-employed builder in Australia secure mortgages for two Holiday Let properties in the United Kingdom.
Our client in Australia was a self-employed builder in Australia and had significant experience converting larger residential properties into multi-units. While he had residential buy to let experience, this was his first venture into the holiday let and leisure sector. However, he wanted to return to the UK in the next five years and felt that a combination of investments would help him with his retirement plans and keep him active when he returned to North Lancashire.
There were two properties located in the Lake District that he wanted to purchase. The first was a large, terraced house with parking and a large garden near to the popular village of Cartmel. it needed a full refurbishment, but its great location made it a great base for visiting the lakes and its surroundings and would offer an average income of between £850- £975 per week from May to August. Demand was high for these types of properties as it would suit a large family with room to park the car and store equipment. The second property was a good-sized semi-detached property a few miles away and it was much closer to the coast closer to a large town and all its amenities and even more tourist attractions.
Liquid Expat Mortgages helped the client to raise capital by remortgaging some of his existing buy to let portfolio. This was then used as a deposit, with some money left over to pay contractors to carry out the refurbishment works. The idea was to secure two Holiday Let mortgages which allowed him to purchase the properties and begin the refurbishment process.
Despite the apparently complicated nature of the request, it was quite straightforward as our specialist lenders were quite happy to fund both units based on a 75% Loan to Value. There were precited healthy income levels and a local agent was able to conform the rising and consistent high demand for booking in both these areas going well into 2023!
Property One: Terraced House
Property value: £220,000
Loan amount: £165,000
Rate: 2.79% two-year fixed
Term: 25 years, interest only
Property Two: Semi-detached House
Property value: £295,000
Loan amount: £235,000
Rate: 3.94% five-year fixed
Term: 25 years
UK Expat Mortgages & Remortgages
No mater where you are currently living or working around the world, Liquid Expat Mortgages can help you secure a expat holiday let mortgage in the United Kingdom. Contact us now for a free quote. Our fully qualified and experienced mortgage advisers will advise you on the best mortgage options available for your circumstances.Get a free quote
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