Million-pound buy to let remortgage for expats living in Spain


I recently helped a couple who were living in Spain secure a UK buy to let remortgage. They owned a very unique barn conversion just outside of London, which was worth £1 million and had an existing mortgage of approximately £650,000.

These clients wanted to remortgage the buy to let property in order to release equity so they could purchase a piece of land in Spain. However, there were a fair few complications that came along with this particular case…

Firstly, the husband was a contractor working in Africa. Not only do contractors usually have to meet different criteria to those with regular income for the majority of lenders, his income was in African Dollars, which also added to the challenge. This, and the fact that it was  were expats, proved problematic to almost every lender and was the main reason their existing lender had already turned them down.

Luckily, I was able to find a lender who was keen on the prospect of having an African connection and happy to accept my client’s application as a result – simply because they wanted to build a wider relationship with him.

This lender was not only happy to help with the remortgage, but also assisted with services in other areas, such as opening bank accounts in Africa to deal with his income and helping with foreign exchange.

This was undoubtedly an excellent result for my clients, making their lives easier in all areas on top of their remortgage, and proving yet another example of the case-by-case approach taken by private and specialist lenders. Instead of accepting cases based on tick-box criteria, they are happy to view a client’s personal situation and build a relationship instead.

I managed to secure this on a 5 year fixed term with no Early Repayment Charges, at a rate of just 2.75%.


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