UK Property Remortgage for Monaco Based Client

12th July 2020

Islay Robinson

Monaco-based UK national remortgages countryside buy-to-let property
Islay Robinson

Islay Robinson

Record low interest rates are helping to drive a surge in remortgage activity. The Bank of England has sought to help cushion the economy from the coronavirus and lockdown by taking the base down to just 0.1 per cent. As a result, borrowers stand to make substantial savings on mortgage payments by refinancing.

Activity in the current environment has been further driven by clients looking to free up capital. Achieving the best possible outcome for our clients is the motivating force behind Enness. Our reputation and delivering above and beyond expectations are what sees clients return to us time and time again.   

In this case study, our client realised there was an opportunity to secure a more favourable mortgage arrangement on their rental property in the Berkshire countryside. We examine how our brokers found a solution to a complex buy-to-let by utilising our substantial lender connections.

  • Client: UK national
  • Country of residence: Monaco
  • Client income: High net worth 
  • Property location: Berkshire, UK
  • Property value: £10 million
  • Investment strategy: Buy-to-let
  • Funding required: Refinancing

Client scenario

The client is a British national interior designer based in Monaco. They are also a seasoned property investor. Enness was instructed to refinance their Berkshire rental property valued at £10m.The client was looking for a more competitive rate to help generate better returns on the buy-to-let investment. The property fetches £18,000 in rent per calendar month.

We take the time to gain a deeper level of understanding of client circumstances, on top of the nuances of each transaction. As with many of our clients, this individual has a long history of using Enness for their mortgage needs. This has resulted in a solid relationship where we have an in-depth consideration of what the client requires. Understanding a transaction inside-out allows us to approach lenders with relevant risk appetites and talk through the individual features of the deal. 

Issues to address

Lenders are often reluctant to lend where an individual is based abroad. Furthermore, the property was held in a limited company in Jersey, adding an added layer of complexity to the deal. Lenders can be averse to properties held offshore. 

However, we know the client has a strong financial footing as a professional property investor. Enness has a number of global offices, which allows us to tap into local market connections. Using our specialist knowledge from our Jersey mortgage advisors team, we contacted a unique lender with offices on the island. The lender has a track record in dealing with similar cases.  

The mortgage was offered at a competitive interest rate, resulting in substantial savings for the client. 

Key figures

Property price: £10,000,000

LTV %: 65%, pound for pound remortgage

Rate: 2.75% over 1-month LIBOR rate

Over how many years: 5 years

The client was delighted with the mortgage conditions secured by Enness, which helped to boost their overall financial position.  

What can Enness do for you?

Now is an ideal time to refinance and take advantage of the low mortgage rate environment. We have access to more than 300 niche lenders worldwide, helping us to find solutions to even the most complex mortgage arrangements. We can negotiate a better mortgage rate or help scope out the loan terms that align with your requirements. Contact one of our experts for an initial consultation to find out how we can help you.

Information contained in our case studies is for market and illustrative purposes only. In some cases, these may be made up of multiple cases and are for illustrative purposes only.

Some case studies are made up of enquiries that have come into the business, not all business completes, and the posting of a case study does not represent a completed piece of business.