International family looking to expand UK property portfolio with multi-million-pound purchase
The situation?
My client, a wealthy and successful banker in the middle east, wanted to purchase a UK Buy-To-Let (BTL) property in the UK with their family as a syndicate. Together they were looking for 75% LTV on a £1.9 million purchase in north-west London.
The family – who were all listed on the application – were working in successful jobs, and had a large combined income across various industries and income streams. They all resided in the middle east, and already had property in the UK but were looking to add to their portfolio.
A 4-person application is generally rare. This, combined with the international income and origin country where the family lived made the application more complex for lenders to get comfortable with.
Using my previous contact with private bank relationship managers, I was able to have a conversation with a lender who was willing to consider the clients’ middle eastern currency for the BTL facility, and was not afraid to explore the application in full.
The solution?
Despite being a wealthy family, they did not qualify for HNW exemptions. I therefore worked closely with the relationship manager to create a bespoke facility that would ensure that family could repay the BTL mortgage in their own currency, benefiting from the advantages of owning a BTL property.
The final loan was agreed at just under £2 million on a 5-yr fixed rate, before transferring to an interest only loan.
The clients were thrilled that they were able to purchase the property and begin earning additional income on it’s BTL purpose.