£5.5million property portfolio refinance for Dubai resident


Enness is proud to work with clients who live and work across the globe. As such, we understand the problems faced by clients who live abroad, but are trying to refinance property in the UK. I recently worked with a client who primarily lives and works in Dubai, running an extremely successful pharmaceutical business.

My client owned two properties in prestigious areas of London. The first was his second home, valued at £4.5million. Although he only visited London infrequently, he did not wish to rent this out as his children lived there whilst attending university in the capital. His second property was a buy to let flat in Mayfair, valued at just under £1million.

In order to avoid reverting to an expensive standard variable rate (SVR), my client needed to refinance both properties, which had mortgages of £2.1million and £500,000 respectively. Unfortunately, his current lender had no new rate to offer him, so he approached Enness for help.

My client was a non-dom with foreign income. Furthermore, financing residential property when you are not usually resident in the country is challenging because lenders may have suspicions about the intended use of the property—for example, if you are rarely in the property, it may be used as a buy to let despite having a residential mortgage.


Fortunately, I knew my client was otherwise very desirable and that some of the top private banks would be delighted to start a relationship with him. With an income of over £2million a year, his accounts reflected his solid income stream.

What he really needed from me was an introduction to a private bank with whom he could build a long-term relationship; as he is usually extremely busy working in Dubai, it was important for him to build relationships with partners he could trust to manage his affairs in his absence. I arranged the necessary introductions and outlined my client’s circumstances to the lender, negotiating an excellent rate of 1.75% over the base rate on a 2-year tracker basis.

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