Acquiring a stretch on rental income so you can borrow more on your buy to let (BTL) mortgage is hard enough for domiciled borrowers of the UK, particularly with the recent Prudential Regulation Authority’s (PRA) changes to BTL borrowing stipulations. It would be logical for expats to be put off capital raising on their BTL properties but with this product, the 5 year fixed payrate for self-employed expats set at 4.39%, that needn’t be the case.
Lenders to expats usually stipulate a minimum income of around £40,000 before lending. Whilst this may not seem an onerous burden, we have found that many expat clients who approach Enness are self-employed with much of their income tied within their business. Therefore mortgage acquisition for self-employed expats can sometimes be tricky.
At Enness, we have recognised these issues and sourced a product able to facilitate a solution for our self-employed expat clients.
The 5 year fixed payrate for self-employed expats has a number of excellent benefits for the self-employed expat. Firstly, the product does not stipulate a minimum income. As long as proof of an income is provided, loans can often go ahead. Indeed, this income can be as little as £1,000, avoiding the need to release valuable equity from your business.
Secondly, whereas the majority of self-employed expat lenders will require your proof of income to come from an internationally recognised accountant, the lender which we at Enness have sourced is able to accept any qualified accountant’s letter, putting clients at ease and removing the burden of finding a new accountant.
The rates are as follows
- 5 year fixed rate
- 39% at a 70% Loan to value (LTV)
- 59% at a 75% LTV
For the self-employed expat looking to raise capital on an existing BTL mortgage they have, this is the ideal product. Many self-employed expat borrowers have BTL property in London, where rental yields are low but property prices are high, making the payrate feature of this product exceptionally attractive.
If you have any queries regarding the 5 year fixed payrate for self-employed expats, please do not hesitate to get in touch.