Case Study

A client came to us yesterday and was in the process of taking a job overseas in Spain, he wanted to let his UK home out whilst he was overseas.

James had already resigned from his UK job and his wife Debbie was still employed in the UK by a Spanish company and was being relocated to Spain. Her income had always been paid in Euros and she pays Spanish tax.

On the face of it, it is a very difficult mortgage to arrange as the majority of lenders will decline to lend for the following reasons:

Client moving overseas and most UK lenders require the applicant to be UK based
Lenders require applicants to be paying UK tax. ‘Let to Buy’ mortgage applications are usually only granted on proof that the applicants are buying a new property – this is not the case with these clients.

After in depth research and discussing the case with numerous mortgage underwriters we located a lender that would be willing to take the case on – this lender was Nat West.

Nat West was happy to consider a residential remortgage whilst the applicant was still based in the UK and to permit them ‘consent to let’ when they move to Spain allowing them to let their house out.

The benefits of the Nat West mortgage deal when compared to a buy to let mortgage are fantastic as the Nat West deal we could structure comes with:

Residential mortgage rates which are better value than Buy to Let mortgage rates
Residential mortgage fess which are generally much lower than Buy to Let mortgage fees.
The Nat West deal that we managed to secure is not an ‘off the shelf’ mortgage deal, dispensation from a senior underwriter was needed as James and Debbie’s criteria was not the norm.

As a well known and reputable mortgage broker we have access to these higher levels of management and underwriting with the lenders to enable us to request that they look ‘outside the box’ in certain mortgage cases. Success isn’t guaranteed but it is nice to know that your Mortgage Broker will go out of their way to find a solution for you.

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