Property portfolio refinance for British expat

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THE SCENARIO

One of the most popular enquiries we receive is from British expat clients who have moved abroad and now mistakenly believe they cannot get UK property finance. This is often a source of concern, because many of our British expat clients have large property portfolios in the UK which they do not wish to sell when moving abroad, because of the stable investment UK property represents.

A great many of these queries come from our clients in the UAE and the wider Middle East, which is a popular location for successful expats. For example, I recently received an enquiry from a British expat and property investor who was living in Dubai.

This client owned an extensive buy to let portfolio, including 15 properties in the Midlands valued at £4million, and three properties in London with a total value of £1million. With outstanding debt of £2.7million across the portfolio, there were several potential issues with this case. The Midlands aspect of the portfolio can be challenging for some lenders based in London, although this attitude is changing as it is being widely reported that the East Midlands is becoming one of the best buy to let areas in the UK.

OUR SOLUTION

The rent generated from this portfolio was also this client’s only income, meaning Enness needed to find a lender who would work with a British expat with only rental income. I referred this case to our UK team, who were able to source a private bank who is used to working with international clients.

This lender was able to offer terms of 2.75% + base rate, which was a very strong result for an expat needing to refinance a portfolio of this size.

If you are based in the Middle East but require UK property finance, Enness UAE can help.  We launched our office in Dubai for your convenience; after meeting with you in the region, we can then discreetly handle your case via our UK offices, who have access to lenders across the market and will negotiate on your behalf.

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