BTL Expansion - Banking Professional, SGD Income, London Portfolio
£371,250 · 75% LTV · 4.85% fixed 5yr. A Singapore-based VP at a Singaporean bank expanding an existing £1.6m London buy-to-let portfolio with a fourth property in East London.
The Client
British national, 41, VP at a Singaporean bank. Singapore permanent resident.
The Challenge
The borrower earned SGD 310,000 pa base salary plus a variable annual bonus of SGD 120,000-200,000, and already held three London flats with £640,000 of BTL debt. They wanted to buy a fourth, a two-bedroom flat in East London valued at £495,000, at 75% LTV. Primary income was in SGD, UK-resident BTL lenders declined on non-resident status, and several specialist expat lenders excluded the bonus income due to variability.
Our Solution
Doulton approached three specialist expat BTL lenders on the panel. One lender accepted 100% of the two-year average bonus income in their affordability assessment. SGD income converted at a 3% haircut to spot rate. The rental income on the new property (£2,100 pm market rent) passed the ICR stress test at 125% with headroom. The existing portfolio's background mortgages were all stress-tested and passed on portfolio income.
The Outcome
Mortgage offered at 75% LTV (£371,250). Fixed rate 4.85% for 5 years. No requirement to return to the UK. Application, identity verification, and exchange completed entirely remotely, with keys collected via the client's UK solicitor. Key highlights: bonus income included at 2-year average, not excluded; SGD income accepted with minimal haircut; full remote process with no UK visit required; background portfolio stress test passed first application.
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