9 day turnaround from application submission to acceptance on expat mortgage

What was the situation?

My client was looking to remortgage their existing residential property in the UK and to change to a buy-to-let mortgage, having recently moved to the middle east and so now wanted to let the property out. Additionally, they were looking to consolidate their outstanding debt, ensuring everything was paid off in one regular monthly payment.

Having previously spoken to another mortgage broker who was unable to help, they contacted LDN Finance as we are experts in expat mortgages. The clients felt as though they were in safe hands with us when arranging their next mortgage.

What was the issue?

The clients had an existing mortgage which was used in conjunction with a Help-to-Buy loan, which they wanted to buy themselves out of so that they would own the property outright. In wanting to do so, they were looking for a larger mortgage – still within their affordability range – that could pay off the existing mortgage, the Help-to-Buy equity loan and consolidate their outstanding debt into one loan.

A further complexity with the scenario is that the application was a consumer buy-to-let for a client now residing aboard, and also there were a few anomalies on their credit file. The combination of being an expat, needing to remortgage to repay the Help-to-Buy equity loan, the consumer buy-to-let status and the adverse credit file all combined to mean most lenders could not consider this application. However, after a considered discussion with the lender, they were willing to take a holistic view of their current credit file even though this point would normally be outside of their standard criteria.

What was the process?

Working closely with a lender, I was able to explain the client’s situation and affordability comprehensively. Before the application was submitted, we had already received an indication that they were willing to proceed, subject to a survey. I submitted the full application to the lender at the end of September and nine working days later the mortgage offer was issued. This is incredibly quick for an expat mortgage, and was thanks to the strength of my relationship with the lender and also having a comprehensive knowledge of how the lender worked and what they needed enabled me to give them all supporting documentation from the outset.

What was the solution?

The clients were delighted with the outcome as I was able to secure the mortgage offer in a very short time frame. Not only did I find a solution that consolidated their debts, but they were also able to successfully pay off their existing mortgage and get a competitive rate, all within a record amount of time.

Lending solutions with LDN Finance

Are you looking to purchase your first property? Perhaps you have a complex income structure also? We’re here to help you find a solution – no matter how complex your circumstances. At LDN Finance, our specialist brokers have extensive experience in providing creative solutions to secure large loans for our clients.

We work closely with our trusted network of private banks and both high street and specialist lenders to arrange bespoke mortgage arrangements to suit your circumstances at competitive, market-leading rates. 

Get in touch with us to organise an initial consultation.