What was the situation?
My client was a national and resident of the USA looking to purchase their first buy to let investment property in the UK. The property they had set their heart on was a new build flat in a trendy area of South East London.
The property purchase price was £357,000, and the client was looking to secure a mortgage of £267,750 at 75% Loan To Value (LTV).
What was the issue?
Due to the new-build status of the property, the client needed to exchange within 28 days and ideally wanted to complete on the purchase in no more than two months.
Another complexity was that being a national and resident of the USA with no prior connections or credit history in the UK, a vast majority of traditional buy to let lenders were ruled out for the client.
What was the process?
Using my knowledge and experience of assisting international clients investing in UK property, I immediately knew which lender was most likely to meet the client’s requested timescales at a competitive rate of interest. Leaning on my long-standing relationships with the team, I reached out to my contact and discussed the case; she confirmed it was one they were able to consider.
I was also able to use my knowledge and experience of working with this lender to give the client very detailed instructions on what documents would be required, in what format, and exactly how their paperwork would need to be certified. As a result, these documents were accepted by the lender first time and the underwriter had everything they needed to make a decision on the case without having to request further information.
What was the solution?
The case flew through underwriting and once the valuation report came back, the case went to offer stage. The entire process from start to finish took less than two weeks.
The lending was offered and secured on the terms originally agreed with the client and as a result, they were able to successfully exchange by the required deadline and completed approximately 6 weeks later.
The client was delighted at how smooth and simple the process had been, commenting that she had expected the process to be far more difficult given her overseas status.
Lending solutions with LDN Finance
Are you looking to purchase a Buy-To-Let property? Perhaps you have a complex income structure paid in a foreign currency? We’re here to help you find a solution – no matter how complex your circumstances. At LDN Finance, 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.