Case study
How we helped a British couple in the Cayman Islands refinance their UK property as a second home.
Case summary
Client type: British expatriates
Location: Cayman Islands
Occupation: Professionals living overseas
Income: US Dollars (USD)
Purpose: retain UK property as a second personal home
Property: Former UK buy-to-let
Main challenge: Refinancing from a BTL to residential use
Mortgage arranged: Residential remortgage
The client
Our clients were a British couple who had been living and working in the Cayman Islands for several years. Although settled overseas, they wanted to retain a base in the UK that they could use whenever they returned to visit family or spend extended periods back home.
They earned their income in US Dollars while living overseas, making the application more complex than a standard UK remortgage.
The situation
The couple already owned a property in the UK that had previously been let to tenants.
As their circumstances changed, they wanted to refinance the property so it could become their own UK bolthole rather than remain an investment property.
The income challenge
The couple's income was earned in US Dollars while living in the Cayman Islands.
The lender needed to assess overseas employment, foreign currency income and affordability using income generated outside the UK, with each lender applying its own criteria.
The jurisdiction challenge
Not every lender has a well-developed policy for applicants living in the Cayman Islands.
While some lenders regularly consider applications from more common expatriate destinations, Cayman is a less frequently encountered jurisdiction. Identifying lenders with experience of Cayman-based borrowers helped avoid unnecessary delays and unnecessary declines.
The property use challenge
Changing a property from buy-to-let to personal use is not always straightforward.
The lender needed to be satisfied that the property would genuinely be used by the clients when visiting the UK and that the mortgage selected reflected its intended use.
Our solution
We reviewed the clients' overseas income, residency status and plans for the property before approaching lenders experienced in expatriate residential lending.
By presenting a clear explanation of their circumstances and selecting lenders comfortable with overseas-earned income, we secured a mortgage that matched both their residency and the property's new purpose.
Our clients’ outcome
The couple successfully refinanced their former buy-to-let onto a residential mortgage, allowing them to retain a permanent home from home whenever they returned to the UK.
The solution reflected both their overseas lifestyle and long-term plans, giving them greater flexibility while continuing to live and work in the Cayman Islands.
Frequently asked questions.
Every client and every mortgage is different, but there are some questions we are asked regularly.
From affordability and deposits to complex income, expat mortgages and specialist property finance, our FAQs explain how different lenders may approach different circumstances.
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