Key Figures:
- Client: Italian National & UK Resident
- Property Type: Terraced House
- Property Value: £765,000
- Loan Amount: £224,000
- LTV: 29%
- Interest Rate: 4.09%
Whether your present terms are coming to an end, if you want to explore cheaper alternatives or if you want to break a mortgage for any reason, Enness has a proven track record assisting non-UK residents to refinance. In this case, we were approached by an Italian national looking to refinance a property they had purchased earlier in the year.
The client had recently gone through a divorce and had been awarded a rental property in Italy, as well as a residential property in Battersea worth £1.9million. The client had sold the residential property in Battersea and had used the proceeds to purchase a 6-bedroom end terrace house in Finchley worth £765,000 which they were looking to renovate.
Although the client had enough savings to support the renovation, maintaining liquidity was essential for them as they had plans to launch a business in the near future. What made this case complex was the fact the client had no form of employment, with their source of income being maintenance payments from their previous partner and rental income from a BTL property in Italy.
If you want to refinance, it's essential to look at what doing so will cost and compare it to what you will pay afterwards with a new mortgage product. Many borrowers assume that if you can get a cheaper rate, it is always worth refinancing. However, you may not save money in the short term: there are usually fees associated with refinancing which will impact your initial saving, but over the long term, you will usually be better off. Enness can help you compare and understand when your broker presents mortgage offers to you, you know the complete picture and can ensure that a switch is the best path forward for you.
Using our network of over 500 lenders, we sourced a lender that could take the client's unusual situation into account and offer them a personalised refinance package. Whatever the reason for your property refinance, we are here to help. To discuss your scenario, get in touch today.
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.
