Mr and Mrs Q – Expatriates

Description : Mr and Mrs Q. were 46 and 45, Italian and New Zealander. They are expatriates both working in the same multinational. Three years ago, they bought a building in central Lisbon. After extensive renovations, they have been very successful in renting the four flats on Airbnb.
Challenge : they wanted to buy a new flat in an up and coming area of Lisbon. They estimated that they would need 350.000€. Having been gazumped before they wished to move faster and by-pass the cumbersome process of having their finance checked and then having a property valuation.
Our solution : firstly, transferring the existing mortgage to a new bank because of its more favourable conditions (rates and insurance) and because the lender paid the transfer penalty. It meant that their financial situation improved. Then, secondly, due to its increased value, the new bank accepted the building as a collateral for a new loan of 350.000€.