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Buy-to-Let Remortgage for a UK Expat in Australia Approaching Retirement Age
This is a great case study on how Liquid Expat Mortgages helped a dentist in Australia to remortgage one of her UK properties to secure a new buy-to-let property.
The scenario
Liquid Expat Mortgages received an enquiry from a UK Expat working as a dentist in Australia. The lady in question was fast approaching retirement age and was concerned that she might be too old to purchase any further properties in respect of the maximum age limits for buy to let mortgages.
How Liquid Expat Mortgages dealt with the situation
Our customer had identified a two-bed flat in Ealing, West London. Not only did it have good access to the underground and other transport links, but it also had the bonus of its own parking space- which in this heavily congested part of London was a major plus.
The primary challenge was that the lady in question had already worked well beyond her retirement age and was approaching her 75th Birthday and many buy to let lenders have a cut off age to which they will lend. This is usually 85 years of age. This restricted the availability of lenders, but she needed to move quickly as the income from the property would allow her to receive strong income and allow her to leave the property to her children who still lived in the UK.
The result
Once we’d been able to discuss her situation and understand her objectives clearly, we were able to remortgage an unencumbered property and she was able to have sufficient funds to obtain a 60% LTV.
By presenting her unique circumstances to several of our specialist lenders and utilising our extensive market knowledge and experience with complex buy to let remortgage cases, Liquid Expat Mortgages was able to source an appropriate mortgage from a lender that met all our customer’s needs and had no age limit on borrowers. As the customer was experienced landlord, the lender was happy to take on the case.
We had worked with this lender for many years, and we knew the underwriters were accessible and would be able to turn the case around quickly and issue an offer with the customer’s required timescales. We were able to achieve provide a loan amount of £284,550 on a 60% loan to value on a Five-year fixed term for 23 years on an interest only basis. The interest rate was hugely competitive 1.99%.
UK Expat Mortgages & Remortgages
No mater where you are currently living or working around the world, Liquid Expat Mortgages can help you secure a buy-to-let mortgage or remortgage 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.
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