Expat buy-to-let mortgage for couple living in Belgium buying flat in North London
Trinity Financial recently arranged an expat buy-to-let mortgage for a couple living and working in Belgium. Although they had been overseas for a while, they wanted to own a property in the UK.
They had found a two-bedroom flat in north London to purchase for £600,000, and they had a £300,000 deposit.
What did they do for a living?
The couple were self-employed consultants with a track record of their income shown in company accounts. They received rental income from properties they owned and let overseas.
Did they have a complex situation?
Most larger mortgage lenders no longer issue expat mortgages, so they are typically available through specialist banks or smaller building societies. Our client’s situation was more complex because their deposit came from savings they had built up overseas.
Why did they need our help?
They had approached several other brokers who could not assist them due to their requirements and overseas self-employed income, which differs from owner-occupiers in the UK.
Did we struggle to find a lender?
Securing expats with self-employed income, overseas rental income, and deposit funds from family members located in Hong Kong and Israel does make things more complex. Additionally, issues can arise when the required documents need to be translated according to the lenders' requirements.
After the initial telephone consultation, Trinity's broker was able to recommend a specialist provider after confirming the case with the lender. He then began collating the required documents from the clients.
We secured our clients a competitively priced five-year fixed-rate mortgage through a specialist building society with a track record for issuing bespoke mortgages.
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The information contained within was correct at the time of publication but is subject to change.
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