Pied-a-Terre Equity Release - Retired Expat, Unencumbered London Property
£180,000 · 18% LTV · 4.75% fixed 5yr. A retired civil servant in Singapore releasing equity from an unencumbered £985,000 Chiswick maisonette without letting it or meeting UK residency rules.
The Client
British national, 68. Retired civil servant. Moved to Singapore to be near family 5 years ago.
The Challenge
The borrower owned an unencumbered three-bedroom maisonette in Chiswick, West London valued at £985,000, with a UK final salary pension of £28,000 pa and no Singapore income. They wanted to release £180,000 to fund a cash residential purchase in Singapore and cover care costs for a UK-based elderly parent. Lifetime mortgage providers typically require UK residency, and a BTL remortgage would require the property to be let, which the client did not want as they use it when visiting the UK.
Our Solution
Doulton identified a specialist lender willing to advance against the UK property as a vacant pied-a-terre, structured as an interest-serviced residential mortgage rather than equity release. The pension income of £28,000 pa comfortably serviced the interest on the £180,000 loan. The property remains available for the client's personal use and does not need to be let.
The Outcome
£180,000 residential mortgage on a pied-a-terre basis. Rate 4.75% fixed 5 years. Monthly payment £712.50 serviced from the UK pension. Client retains the property for UK visits, the Singapore property was purchased in cash, and the elderly parent's care needs were funded. Key highlights: pied-a-terre mortgage advanced without a UK residency requirement; pension income sufficient to service the monthly payment; property retained for personal use with no tenant required; Singapore purchase funded from equity released.
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