Case studies
Hong Kong based expat landlord remortgages UK buy-to-let
Buy-to-let
Hong Kong Resident
About the client
- Our client was a British expat who was living and working in Honk Kong.
- Employed in the banking industry he had been resident in Hong Kong for over ten years with no intention to return to the UK.
- He owned an existing Buy to let property whose mortgage fixed rate and term were due to expire.
- Our client wanted to re-mortgage to secure a new fixed rate and release equity, which he would use to purchase a new UK Buy to let property.
- The clients existing lender had ceased providing mortgages to Expats so were unable to offer a new facility or term.
Solutions
- We secured the new Buy to let mortgage with leading UK Building society
- We were able to increase the lending to 75% of the current valuation, thus releasing the required equity.
- We secured a competitive 5 year fixed rate and lending term to age 85
- We minimised our clients costs with no lender, free valuation and free legal costs.
The key figures and terms
- Our client wanted to secure a long term fixed rate and interest only mortgage.
Current market value
£675K
New Mortgage
£500K
Less existing balance
£500K
Released equity
£250K
New LTV
75%
Product
5-year fixed
Rate
3.29%
Term
35 years
Payment type
Interest only
Monthly payment
£1,370
Bank fee
£0
Valuation fee
Free
Legal costs
Free
