Loan type: Buy-to-Let Mortgages | Loan value: £217,000 |
Completion: 8 weeks from customer application received
The Situation:
Mr L, an expat residing in Hong Kong owned property through his Ltd company in the UK. At the time of purchase, the property value was estimated at £200,000. He had used a 12-month bridging loan to fund the acquisition and planned to turn it into a rental investment by converting the property into an HMO (house in multiple occupations).
Having already arranged Mr L’s initial bridging loan, he reached out to Vantage again after 6 months, having completed the renovation works quicker than expected. The value of the property after the renovation was £290,000, achieving a rental income of £1,650 pcm with a single-family let – and he wanted to exit his bridge by remortgaging onto a £217,500 Buy-to-Let mortgage.
Being an ex-pat and owning the property through a Ltd company made borrowing with a High Street lender difficult enough. Making it even more complex; the property being an HMO, but yet to be granted a license, remortgaging within only 6 months of purchase and borrowing a higher amount due to the works carried out.
Our Solution:
Although difficult for ex-pats, Mr L knew from previously working with Aria Finance that he could utilise our strong relationships to access a broad and varied panel of specialist Buy-to-Let and ex-pat lenders and that’s exactly what happened.
We were able to arrange a refinance out of the bridge, and onto a longer-term fixed BTL Mortgage. We agreed on a product switch with the existing lender of the bridging loan and negotiated a reduced rate compared to their standard – due to our strategic partnership. This resulted in the successful completion of a £217,500 BTL remortgage, a 5-year fixed rate mortgage at 5.25%. From application to completion in just 8 weeks.
Result:
In just 8 weeks, the constraints of Mr L’s ‘non-vanilla’ scenario were no longer a burden. He could successfully run his rental investment setup from the comfort of his home in Hong Kong, with the longevity and peace of mind of a 5-year fixed rate.
