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Contractor UK Mortgage for British Expat
This is a great case study on how Liquid Expat Mortgages helped a British contractor working in the UAE to secure a UK expat remortgage.
The scenario
Our Liquid Expat Mortgages customer is a 42-year-old UK national who works at for Emirates Nuclear Fuel Corporation as an IT contractor. His contract was paid monthly in US dollars, and he was a UAE resident although he maintained a UK bank account and a UK address for any mail.
He owned a property, in Leicester, and the fixed period was coming to an end, and he wanted to remortgage to release funds and carry out a few renovations whilst he was away.
How Liquid Expat Mortgages dealt with the situation
Liquid Expat Mortgages has worked with self-employed contractors across the world for many years and as such our panel of lenders and underwriters are familiar with his type of mortgage case. The customer’s fact find allowed us to establish a decision in principle within less than eight hours. Our team of co-ordinators requested all documentation, and we were able to present the information to the lender.
The result
Our customer was able to remortgage on a more preferential rate than his previous mortgage whilst at the same time releasing £32,500 to enable works to be carried. His new rate was 1.94% fixed for 3 years, as opposed to his previous rate of 2.75% His mortgage repayments remained similar to his previous payments which he’s already proved he could manage.
We were able to provide a lender’s free valuation and a contribution to legal costs. Once the work was carried out, the valuation had indicated a favourable increase to the property value which would allow the customer to remortgage without penalties at the end of his fixed period.
UK Expat Mortgages & Remortgages
No mater where you are currently living or working around the world, Liquid Expat Mortgages can help you secure a self-employed/contractor 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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