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Residential Purchase – Part Foreign National – Case Study 

The Clients: 

The clients were a married couple who had recently moved back to the UK to reside full time. The first applicant was British born, with the other being a Foreign National on a visa to reside in the UK. They were looking to purchase a residential home for themselves and their family.  

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The Scenario: 

The clients owned a residential property in Canada which they sold before moving to the UK. They were both in full time employment, however as they had been out of the country for a long period of time, they had been working hard to build up a good credit score to support their application.  

The Solution: 

Being a whole-of-market Broker, we had the knowledge to know that some lenders would consider a Foreign National on the application with no restrictions if the first applicant was British.  
 
The clients were looking at achieving 90% loan to value, which would not be possible with most lenders because of the status of the Foreign National. By using our expertise, we were however able to find a lender who would accept 90% loan to value and secured a formal Mortgage Offer within 2 weeks of submitting the full application. 

Summary: 

It is possible to get lending with no restrictions if you have a joint application with one British national and one Foreign National applying together.  

Key things to consider: 

  • Some lenders will accept foreign nationals with a British national. 
  • Some lenders will consider no loan to value restrictions with this setup. 
  • Some lenders will allow lending in this scenario once you have been in employment for 6 months. 
  • Some lenders will a low credit score due to not having built up credit, if one applicant has a high credit score. 

If you have any questions relating to Residential mortgages, contact us today to speak directly with one of our CeMAP certified Expat Mortgage Advisors. Call us today on 03303 112 646. Alternatively, please complete this short online form and one of our Advisors will call you right back.   

Shared Ownership
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Residential First Time Buyer Shared Ownership – Case Study 

The Client: 

The client came to us as a first-time buyer looking to purchase their first home. The client was interested in the Shared Ownership Scheme and had put down a deposit, securing the plot.  

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Scenario: 

The client was purchasing 25% of the property from the Housing Association and needed to move quickly, as the development was nearing completion and an exchange deadline had been set and had to be met to avoid the client having to pay additional fees and penalties.  

The Solution:  

As a whole of market mortgage broker, we were able to search the market to find a High Street Lender who was happy with the Shared Ownership Scheme. A desktop valuation was carried out confirming that the property purchase was suitable and a Mortgage Offer was produced for the client within just one week of full application being submitted.  

It was then over to the legal teams who worked efficiently in getting the matter to exchange by the deadline provided, so the client did not incur any penalties or additional fees. 
 
Summary:  

Shared Ownership can be a great way for clients to get onto the property ladder who otherwise may not be able to if buying 100% of the property. Our specialist advisors have the knowledge and tools to find suitable lenders for everyone, working quickly to make sure our clients can secure their dream homes. 

If you have any questions relating to Residential mortgages, contact us today to speak directly with one of our CeMAP certified Mortgage Advisors. Call us today on 03303 112 646. Alternatively, please complete this short online form and one of our Advisors will call you right back.  

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Expat Residential Purchase for move back to the UK – Case Study 

The Client:  

Our clients had been living oversees for several years. They owned a portfolio of Buy to Let properties in the UK. The Husband was employed with an international company and the Wife was predominately a housewife. Due to family ties back in the UK wife and the children were looking to move back with husband following when possible.    

Scenario:  

We needed to look for a lender who would accept anticipated income for the wife as she had secured a job for when she returned to the UK. The husband was still in a probation period within his new role which is a stumbling block for some lenders, even though he was working in the same field as he had done for many years. We would also require a lender who would look at the rental income received from their property portfolio in order to satisfy affordability criteria. 

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The Solution:   

As whole of market mortgage broker we were able to approach lenders and explain the clients’ scenario before placing a full application. We also had a time constraint as the seller was threatening to pull out of the deal if an offer was not produced in good time. We found a lender who was happy with the clients’ profile and were able to secure the offer so as the clients could come home to be with family here. 

Summary:   

Securing a residential in the UK when one of the parties is planning on staying abroad can cause concerns for lenders. As a whole of market mortgage broker and using our Advisors’ expertise we have the ability to search the market to find a suitable lender to help our clients when they have exhausted all other avenues. 

Please get in touch today with our dedicated team of Specialist Expat Mortgage Advisers for any Mortgage questions you might have. Call us now on 03303 112 646 . Alternatively, you can also fill in this short online form we will get back to you straight away.  

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Converted office block, flat purchase – Case study 

The client:  

The client had seen an attractive investment opportunity which was a large multistorey office block, in a city centre location which was in the process of being converted into multiple flats. Our client was a portfolio landlord with a spread of existing properties from traditional Buy to Lets to Serviced Accommodation, both in personal names and also a limited company. 

The Scenario:  

The key element to this case was to find a lender who was comfortable with this type of property as a security.  Not only is it a converted building but one that is potentially considered to be investor led. This limits the lenders we could approach as some would not like the fact it is a converted building and some steer clear of investment led developments as when the time eventually came to sell it on, it would limit potential buyers. 

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The Solution:  

Due to our access to lenders’ Business Development Managers and being a whole-of market-broker who works with all 300+ lenders; not only were we able to discover a lender that would consider this kind of property, but also we found one that was most likely to accept ‘subject to valuation’. Our client was made aware the application would be subject to valuation and was happy to move forward with the risk as the opportunity was too good to turn down. 

Summary:  

Many investors looking to purchase properties of this kind unfortunately have their mortgage applications declined when it comes to the valuation stage.  Using a suitable lender who is comfortable with this kind of development is key. As a whole of market broker, we can approach these specialist lenders and discuss in person to find the best suitable lender for our clients. 

Contact us today to speak with one of our CeMAP certified Mortgage Advisors. Call us today on 03303 112 646. Alternatively, please complete this short online form and one of our Advisors will call you right back.  

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BTL purchase – First-time Landlord Case study 

The client:  

The client was looking to invest some capital into a property. Despite the recent rate rises this was an attractively priced property and one that the client believed could have the potential for capital growth. As a first-time landlord the applicant wanted whole of market advice to make sure that they had the best mortgage product available. As well as that we were able to guide and advise on the property buying process more generally. 

The Scenario:  

The client had an offer accepted and was ready to proceed with a mortgage when they contacted us. We would now have to act fast to secure the best deal for the client, finding a lender who was happy to take first time landlords with no experience in the industry. 

The Solution:  

Given their offer had already been accepted we were able to act with speed. After an initial appointment we were able to submit a mortgage application the very next day after receiving documents overnight via email. The chosen lender was happy to move forward with the clients being first time landlords and they worked at speed for our client in this challenging time to secure the best rate available. 

Discover our Buy to Let Mortgage Broker services. 

Summary:  

The property market can be fast paced and many Estate Agents require sight of a mortgage agreement in principle before they will mark a property as under offer and cease viewings.  All the while this is happening there is a risk that a rival offer will be submitted and you could lose out. Therefore, dealing with a Mortgage Advisor who can act quickly is crucial. 

Contact us today to speak with one of our CeMAP certified Mortgage Advisors. Call us today on 03303 112 646. Alternatively, please complete this short online form and one of our Advisors will call you right back. 

BTL auction purchase
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Expat Buy-to-Let Product Transfer – Case study 

The Client: 

The clients were a married British couple who emigrated to sunny Australia a few years ago.  The client had secured jobs as a GP and a local government officer and had since welcomed a child into the world since relocating.  The clients’ owned a Buy-to-let property in the UK which was coming to the end of its fixed term interest rate.   

Scenario: 

Given the rise in lenders standard variable rates in recent times, it was important we acted to secure a more attractive interest rate as quickly as possible.  Based on their status as expats, most lenders would not be able to lend to them.   

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The Solution:  

As whole of market mortgage broker we were able to compare a remortgage against a product transfer from their existing lender.  Based on a “true cost comparison” we were able to arrange a new deal for the client with their existing lender which they rolled on to when their existing fixed term deal ended.  This is known as a Product Transfer / Switch and something we do for zero cost for our clients, which includes managing the whole process on their behalf. 

Furthermore, if a better deal had subsequently become available before the end of their fixed term, we could have selected that alternative without any penalties.  This gives peace of mind that you are going to get the best deal available. 

Summary:  

Many Brits choose to emigrate at some point in their life and they often want to hold onto the property they have worked hard to acquire in the UK.  Whilst many lenders cannot lend to expats using a specialist mortgage advisor means you get sound advice and experience in dealing with expat mortgages. 

Please get in touch today with our dedicated team of Specialist Expat Mortgage Advisers for any Remortgage or Mortgage questions you might have. Call us now on 03303 112 646. Alternatively, you can also fill in this short online form and we will get back to you straight away. 

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Second Mortgage to consolidate unsecured debt – Case Study 

The Client:

The clients were a married couple who owned their residential home and two Buy to Let properties.  The husband was self-employed and the wife a homemaker.   The clients had multiple overdrafts which were almost up to their limits.  The clients had been using the overdrafts to stay afloat, a credit card also up to its limit of £14,500 and took out unsecured loans.  The client’s disposable income was in a negative situation.  If the clients didn’t act fast, their credit files would be effected and this would jeopardise any future mortgage applications or the clients would end up with very high rates.

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Scenario:

The clients wanted to remortgage one of the Buy to Let properties that had a fixed rate of 2.6% which was due to end in 2026. The mortgage lender that the client was with didn’t have any Early Repayment Charge (ERC) whilst in the fixed rate period.  With market conditions at the moment, the client’s rate would have doubled if we were to remortgage now.  So, a solution was found to protect the relatively low mortgage rate, and to help client consolidate the unsecured credit to a more manageable repayment. 

The Solution: 

A Second Charge mortgage was raised for the client.  This in turn protected their existing mortgage rate of 2.6% and helped to capital raise to settle unsecured credit. 

The clients raised £43,000 by means of a second mortgage against the Buy to Let property and will be self-funding from the rental income alone.  The second mortgage lender was happy to consolidate the unsecured credit. 

The second mortgage reduced their monthly outgoings from £1,010 per month to a more comfortable repayment of £348 per month.  The client is no longer in a negative disposable income situation.  Their disposable income is now in a more positive position and the clients now have a better quality of life and funds left over for any life events.  

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The pressure and stress they were experiencing was removed.  The second mortgage offered is on a 2yr fixed rate, which will tie in nicely for when client is looking to remortgage when the fixed rate of 2.6% ends. 

By settling all the unsecured credit this also helps the client to be in a better position for remortgage options in the future when their fixed rate ends in 2026 and help client not to have an adverse impact on their credit file. 

Summary: 

Even with high levels of unsecured credit and negative disposable income it is possible to find solutions for our clients as we have the knowledge and tools to reach out to specialist lenders. 

If you have any questions relating to Residential mortgages &/or non-standard scenarios such as this, contact us today to speak directly with one of our CeMAP certified Mortgage Advisors. Call us today on 03303 112 646. Alternatively, please complete this short online form and one of our Advisors will call you right back. 

puzzle pieces 2648213 960 720 1
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Bridging Finance Exit – mixed use pub with 6 flats – Case Study

The Client: 

The application was put through in joint names for two Foreign Nationals. Both clients resided in the UK on working visas.  

The Scenario: 

The applicants had previously purchased a mixed-use pub/residential property on a Bridging loan. They had refurbed it and brought it up to a high spec. Pubs are difficult to finance generally, and the flats above are broken up in to 3 x 1 beds and 3 x studios of which some are under 30sqm. The pub was leased and achieving regular rent, and the flats had been let to an agent with guaranteed rental scheme on a 2-year agreement.  

The Solution: 

Being a whole-of-market Broker, we had the knowledge that some lenders will consider pubs up to a certain loan to value, typically 60%. We also understand that some lenders will accept flats smaller than the usual 30sqm rule, and on top of that will allow 2 year leases on a guaranteed rent scheme. We covered the exit off the Bridging loan and raised some extra capital on top which allowed the client to reinvest.  

Discover our Commercial Mortgage Broker services. 

Summary: 

It is possible to get lending on extremely complicated setups and situations that would seen as undesirable to most lenders.   

Key things to consider for Expat / Foreign national income: 

  • Some lenders will accept Foreign Nationals. 
  • Some lenders will consider pubs up to a certain loan to value. 
  • Some lenders will allow lending on flats smaller than 30 sqm. 
  • Some lenders will accept 2 year leases direct to management companies/agents on a guaranteed rent scheme. 

If you have any questions about Bridging Finance or Expat / Foreign National mortgages, or would just like a Free Quotation then please call us now on 03303 112 646 today. Alternatively please fill in our online enquiry form now and one of our Commercial Finance Brokers will call you back. 

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Right to Buy Purchase with Adverse Credit – Case Study 

The client: 

The client’s objective was to purchase a property through the Right to Buy scheme.  The clients were both brothers, one of whom had learning difficulties and was in receipt of benefits.  The other applicant was his brother’s registered carer and as such received an income from direct payments. He was also self-employed with a business which had been running for only 12 months. Both brothers also had historic adverse credit. 

The Scenario: 

On assessing the application, using the benefit income and direct payments income received for the care of the brother the case was accepted based on affordability and the lender was happy to take the historic adverse credit into consideration.  However, with regards to the Right to Buy papers received from the council, the lender wanted to include the amounts for further home improvements.  This meant that the mortgage was no longer affordable. 

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The Solution: 

As the client had been self-employed for only 12 months the self-employed income provided on the Tax Computations wasn’t enough to take on the extra cost of the improvements to be made on the property.  However, the lender that we placed the client with was happy to work on projected income figures.  The client’s accountant was required to complete an Accountant’s certificate for the projected income figures for the business and had to provide an explanation as to why the projected income figures were higher than the previous year.  The lender was happy to proceed with the projected income figures from the business, and clients are now able to purchase the property from the council. 

Summary: 

As we are a whole of market mortgage broker, we have access to over 300 lenders, some of whom will accept certain benefits income, meaning we can help a wide variety of clients. Also, with our knowledge and skills we can find lenders who will take a view on self-employed income when a business is relatively new which opens a lot more doors to our clients.  

If you have any questions relating to Residential mortgages &/or non-standard scenarios such as this, contact us today to speak directly with one of our CeMAP certified Mortgage Advisors. Call us today on 03303 112 646. Alternatively, please complete this short online form and one of our Advisors will call you right back. 

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Auction Purchase via bridging loan – Case Study

The Client:

The client was self-employed and had a Buy to Let portfolio. Due to various factors including the Coronavirus pandemic, his income had fluctuated quite a lot over the past few years.

Scenario:

The client had purchased a property at auction and was under a very tight timescale to complete the funding necessary.

The property purchase was a leasehold property with a very short lease remaining which would require extending before or at completion making the timescales even tighter.

Contact us today to discuss Bridging Loans and how we can assist you.

The Solution:

We looked at the options for a standard buy to let purchase mortgage and provided details to the client, advising the client that it was unlikely complete within the necessary timescales. This would mean he would have been at risk of penalty charges or at worst, losing the property completely along with any deposit and fees already paid.

After many discussions the client opted for an option we secured for a bridging loan with one of our specialist lenders who are able to complete on the deal within a short timeframe. The plan would then be to remortgage away from the bridging loan to a conventional buy to let mortgage after the necessary 6 month period of ownership had elapsed.

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Summary:

Even when the route of conventional mortgage does not seem viable, being a whole of market broker means we have the knowledge and tools to find suitable funding within tight timeframes for our clients.

Speak to us today to speak with one of our professionally qualified Bridging Finance Mortgage Advisors. Call us on 03303 112 646. Alternatively, please complete this short online form and one of our Advisors will call you right back.