Holiday home remortgage for UK Expats living and working in Singapore
This is a great case study on how Liquid Expat Mortgages helped a company director in Australia to remortgage his UK residential property to secure a new holiday let purchase.
A company director from Perth, Australia was looking to remortgage his residential property onto a better rate. During our initial conversations, he also explained to one of Liquid Expat Mortgage’s consultants that he wanted to purchase a holiday home in North Wales. Whilst he believed he might achieve his holiday home dream at some stage in the future he felt now was too early as he currently didn’t have the equity to put down a sizeable deposit.
How Liquid Expat Mortgages dealt with the situation
Whilst the residential remortgage was quite straightforward the customer believed he was unable to secure a holiday let mortgage as he had an insufficient deposit. We explained that he could realise his dream by applying to release extra funds when he was carrying out his remortgage. The extra monies being released would boost the deposit for a holiday let mortgage and as we were currently working with a specialist lender, it made sense to try and wrap up both applications in one attempt.
The process of releasing equity from his residential property via his remortgage was agreed and Liquid Expat Mortgages approached a long-standing lender to start the process. They were able to agree the of release enough funds to considerably improve the required deposit level and so he was able to purchase his holiday home.
The remortgage facility for the client on a five-year fixed rate at 1.76% with most of the loan on interest only to keep payments down. This suited our customer as he was new to the holiday let market and wanted to ensure how the holiday let market worked. The interest only rate allowed him to have greater disposable income and so he could either increase his holiday let deposit or pay for improvements to his property.
The remortgage rate was a lot more cost-effective than his previous residential mortgage and whilst he’d borrowed more money, he was paying the same amount as his previous mortgage, as we’d been able to negotiate a lower interest rate.
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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