I was recently approached by a client for help with a complex international case. My client was a Taiwanese national but was currently living and working in Switzerland. She was married and had recently given birth to her first child, and was looking for a buy to let remortgage.
Six months previously, her family had loaned her the money to purchase a newbuild flat in South East London, along with her own savings. This property had been purchased for £420,000 and was a buy to let. However, she now wanted to raise capital on this property and remortgage to pay back the family loan.
She was aware of the complexity of this—a Taiwanese national, Swiss resident looking to remortgage in the UK—but she had seen a case study on our website, and knew we were able to deal with complex cases like this. She, therefore, called in to speak to a broker.
To complicate the case further, she was a contractor on a probationary period of her contract. As a foreign national paid in a foreign currency, my client did not have a UK footprint or even a UK bank account.
However, I was able to find an international lender who appreciates clients of different nationalities living in foreign countries who are looking to take out finance on assets in the UK. I emphasised to this lender that although my client was in a probationary period, she had a strong relationship with the company as she had worked for them before. This made the lender feel comfortable lending to her.
My client had also rented out the property since the purchase, which therefore reassured the lender as the property was a newbuild flat. This lender was also happy to help the client pay back the family loan as we were able to provide evidence of the loan being paid. They requested she open an international bank account and were then happy to proceed.
The final rate I secured was a 2.75% plus LIBOR tracker rate, over a 20-year term. I was also able to help my client secure a favourable foreign exchange (FX) rate, a service that Enness can provide through our exclusive relationship with FX specialist Argentex.