Securing 75% of £1.2m for expat client purchasing Airbnb property

Securing 75% of £1.2m for expat client purchasing Airbnb property

Article by Heather Greatorex Sales Team Leader / Mortgage Adviser

What was the situation?

I was engaged by a high-earning client looking to refinance two of their rental properties to raise funds for a £1.2 million holiday let purchase.

With their eye on a property in the Yorkshire dales, they wanted a loan equivalent to 75% of the purchase price in order to complete the purchase and ‘AirBnB it’.

What was the issue?

The client was an Irish national living in the middle east. Typically, in this scenario, they would not be treated as a domestic applicant, but rather as a foreign national, which greatly reduces the lenders willing to consider a case of this nature.

In addition, the client had previously applied to a lender who was unable to reach the full borrowing amount required. Knowing this, I discounted this lender and set to work to find a funder who I thought would consider the complexities of the case.

What was the process?

I quickly discovered the full loan amount required by the client was not going to be achievable through standard underwriting criteria alone. In this instance, the use of top slicing – or topping up the maximum borrowing amount by taking into account the client’s personal income – would be needed to reach the full loan amount. This approach required a more bespoke and nuanced approach to underwriting the case with a lender who could work with the clients specific scenario.

I also found that sourcing a mortgage lender willing to consider the client’s status as a foreign national was challenging. I managed to negotiate with our preferred lender to class the client as an expat due to their Irish passport granting them indefinite leave to remain in the UK. This was a big advantage to the client as most lenders would treat them as a foreign national which would have otherwise increased the rates available.

What was the solution?

By partnering closely with the lender, I was able to get the case exchanged and completed swiftly on a 2-year fixed rate basis.

Unfortunately, the client’s solicitor became somewhat unresponsive during the process, so I was instrumental in heavily chasing the case to assist with completion, and working with the lender’s completion officer to avoid any further pitfalls.

The client was extremely happy with the outcome as they had previously been unable to achieve the loan they were looking for. Without our help, they felt it would not have been possible.


At LDN Finance we’re here to help you find a solution – no matter how complex your circumstances. Our expert 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.

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Our happy clients

Excellent and outstanding professional service from start to finish. From offering as many options as possible, to explaining to me very quickly what the benefits are and what I should really be thinking about moving forward. Thoroughly recommend.

Mr. M

July 2021

5 Stars! The LDN team supported us purchasing our family home, without their support and as an expat it would have been very difficult to obtain our new home in the UK. I would totally recommended them.

Mr. S

August 2021

Johnny Martin held our hands through the entire process calmly and professionally. Brilliant service, efficient and swift in response to everything. He made the entire journey uncomplicated even when the bank made it complicated. Highly recommended.

Mr. H

July 2021

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