Remortgage in Scotland for an expat in Saudi Arabia

Dan Gracie

Specialist Lending Director

The Requirement

The owner of a property in Scotland was referred to us by a building society who were unable to lend against properties outside England & Wales. He worked in Saudi Arabia and earned in Saudi Riyal, which made the case harder as any prospective lender was going to have to take his income into consideration as the rent he earned from the property was not sufficient to justify the loan size required.

He also wanted a two-year variable rate to stay in line with UK rate movements at a time when some of the key lenders who could accept expats in the Middle East were only providing five-year fixed rates for this type of mortgage scenario.

The Solution

We ascertained which lenders can lend based on Saudi residency and SAR income and approached another building society with whom we have a great relationship. We worked with the underwriter to evidence how the mortgage would be affordable if both rental income and employed earnings were incorporated into their buy-to-let affordability calculations.

In response to our proposal, the lender offered a two-year variable rate mortgage, aligning with the client’s requirements. Notably, the society’s interest rates were reduced before the completion of the remortgage process and the lender agreed to honour the lower rate, demonstrating a commitment to provide favourable terms.

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