Shawbrook completes mortgage for expat in eight days

The client was an expatriate living in the United States who wanted to purchase two apartments in central London.

The loan consisted of two separate mortgage applications both for £418,000 at 76% LTV, resulting in a gross loan value of £836,000.

By splitting the loan in this way, the client was able to proceed on the RI0 product.

Shawbrook is usually only able to provide up to £750,000 on a RI0 product.

However, the Shawbrook senior management team was able to accept the application after discovering the client had a strong income and residential portfolio, including three separate buy-to-let properties.

As the income of the applicant was so robust, the lending team determined the mortgage could be paid over a 15-year period.

Shawbrook was able to move from the issuing of the formal offer to completion in eight days.

Emma Cox, sales director for Shawbrook Commercial, commented: “Expat property investors are a key market for us.

“We look at each case on its merits whether the client is based in the UK or abroad.

“Our underwriting and lending teams are pragmatic in their approach and encouraged to make intelligent lending decisions, based on the expertise they have gained over many years.

“This is demonstrated well by this case, with the client receiving the necessary finance to purchase two properties and within a swift timescale too.”