UK properties for expats

UK properties for expats

I’m a UK Expat residing Overseas, can I buy a UK property to rent and use personally?

Ah..Ha   this is one of my favourite questions… why !! you may ask..  well up to recently mortgages fell into two camps either   1) Owner Occupier  or  2) Buy to Let (Tenanted)  this was vital to categorise because it would determine if a mortgage was classed as regulated or non regulated. 

Then comes along a scenario where a property is used for short term let ie: Holiday or air BnB but also may be used by owner or family at times. 

Where does this fit? 

Technically its still non regulated, because it is not a principle residential home and is more on the commercial side of things. 

Then to complicate further what if an Expat wanted to purchase one of these properties? .. Pleasingly there are a bespoke number of specialist mortgage providers who will consider Expats who are first time buyers, buying a property for Holiday/Air BnB lets with some personal use considered. 

This is an area that I think more lenders should consider, the yields on good holiday and city property are excellent, and with more routes to find short stays such as booking.com and homeaway.co.uk the property can maximise its potential. Additionally if a property owner also wants some personal use when they visit the UK, then they are also likely to take good care of it. 

Simon Murphy is an International Mortgage Broker who resides between Spain | Ireland | UK

Having been in finance for over 17 years & as a Qualified & FCA Regulated UK mortgage professional he can give expert mortgage advice to Expats Worldwide, UK residents & those considering buying abroad with a foreign currency mortgage. 

Testimonial

 Thanks for your help and dedication in securing my mortgage. Especially since Id changed my job role recently, without your intervention I may have lost the property! At last I’m packing boxes.. 

Mrs A (South West), Home Mover

Get In Touch

MY MORTGAGE DEAL

0044 (0) 7456 727 626
[email protected]

Switch mortgage to interest only

Switch mortgage to interest only

I’m an expat with a UK mortgage on repayment, how difficult is it to switch it to interest only?

This is fairly easy and can be done usually pain free especially if the property is being rented out and you can prove a level of personal income wherever you reside. 

Interest only lending is easier to source when the mortgage is for a property that is let out, because there are less regulations attached to landlord property in the UK. 

However you need to be aware the balance of the mortgage wont reduce when you switch to Interest only and you will either need to make provision to pay the mortgage off at the term end or you can simply opt to sell the property to repay the mortgage. 

There is also an option to overpay on the mortgage of around 10% of the total balance each year. Many lenders permit this for an Expat BTL mortgage. So in effect if you had a 10 year interest only mortgage and you paid a lump sum in each year of 10% you would have nearly paid off the balance by the term end penalty free. 

Simon Murphy is an International Mortgage Broker who resides between Spain | Ireland | UK

Having been in finance for over 17 years & as a Qualified & FCA Regulated UK mortgage professional he can give expert mortgage advice to Expats Worldwide, UK residents & those considering buying abroad with a foreign currency mortgage. 

Testimonial

 Thanks for your help and dedication in securing my mortgage. Especially since Id changed my job role recently, without your intervention I may have lost the property! At last I’m packing boxes.. 

Mrs A (South West), Home Mover

Get In Touch

MY MORTGAGE DEAL

0044 (0) 7456 727 626
[email protected]

Switching mortgages as an Expat

Switching mortgages as an Expat

I’m an Expat and my bank wont let me switch my deal or remortgage, can you help? 

 

This is not a surprising issue that many Expats face. Unaware of the consequences, expats may be speaking to their bank and alert them that they reside overseas, suddenly the bank changes the address and the mortgage dept then are alerted to a property that is either empty, occupied by family or tenanted.. This could be a breach of mortgage terms if the property is being let out without consent. What then happens? 

The correct process is to alert your mortgage provider that you plan to leave to be an expat. If this is a temporary arrangement, some lenders may be comfortable with the mortgage remaining as is. If you plan to let the property, then getting a form filled from the bank called a ‘consent to let’ would be required, the bank may have the right to apply a loading to your existing rate of around 0.5 -2% so your payments may increase.  

If you have not done the above and you don’t plan to return anytime soon, then sourcing an expat BTL remortgage will be essential. This takes the worry out of what your lender might do, and if you want a better rate than the ‘loaded’ consent to let deal, then an Expat mortgage could save funds in the long run. 

Simon Murphy is an International Mortgage Broker who resides between Spain | Ireland | UK

Having been in finance for over 17 years & as a Qualified & FCA Regulated UK mortgage professional he can give expert mortgage advice to Expats Worldwide, UK residents & those considering buying abroad with a foreign currency mortgage. 

Testimonial

 Thanks for your help and dedication in securing my mortgage. Especially since Id changed my job role recently, without your intervention I may have lost the property! At last I’m packing boxes.. 

Mrs A (South West), Home Mover

Get In Touch

MY MORTGAGE DEAL

0044 (0) 7456 727 626
[email protected]

Remortgages for Expats

Remortgages for Expats

I’m a UK expat residing in Europe / Dubai / Australia and I still own property in the UK. Is it possible to remortgage to release funds or to get a better rate? 

The simple answer is yes.. However there are very few lenders who will permit this, and most are not your usual high street banks, that’s why you may find it difficult to obtain with normal search software or standard mortgage brokers. 

Additionally some lenders that accept expat mortgages, only work with Specialist Mortgage Brokers, because more skilled advice is required. So even if you found a bank that does it, they may not permit you to apply, unless you use a mortgage broker. 

A good example of this type of lender is Vida .. Vida ‘who’ you say !..  Vida are a specialist lender and only work with more skilled mortgage brokers. Vida don’t have any branches and everything is handled online including Expat mortgages. 

So the good news is Expats have more options to remortgage than compared to a few years back, but it is recommended to use a mortgage broker skilled in aspects of Offshore | Foreign Income and Expat borrowing – Happy to assist any enquiries www.mymortgagedeal.co.uk/expats   0044 7456 727 626 

Simon Murphy is an International Mortgage Broker who resides between Spain | Ireland | UK

Having been in finance for over 17 years & as a Qualified & FCA Regulated UK mortgage professional he can give expert mortgage advice to Expats Worldwide, UK residents & those considering buying abroad with a foreign currency mortgage. 

Testimonial

 Thanks for your help and dedication in securing my mortgage. Especially since Id changed my job role recently, without your intervention I may have lost the property! At last I’m packing boxes.. 

Mrs A (South West), Home Mover

Get In Touch

MY MORTGAGE DEAL

0044 (0) 7456 727 626
[email protected]

UK mortgage without a credit footprint

UK mortgage without a credit footprint

I’ve not lived in the UK for 20+ years, is it really possible to get  a UK mortgage, especially when I have no credit footprint ? 

A common question from the worldwide expat community. If you went back 7-8 years ago, there would be no lender permitting this scenario. However UK lenders are fighting for business, and many Expats are financial stable, and are seen as a worldly wise and savvy group to explore. 

At the outset most expat lenders want the borrower to either own already a UK property or have a credit footprint. However there are a number of bespoke lenders who don’t need either. 

So in effect they will permit a First-Time Buyer, Expat with No Credit footprint in the UK, additionally, if a UK bank account is required, we can advise on some of the mobile app banks that can be opened in minutes from worldwide locations, that will start to create a credit footprint. 

Simon Murphy is an International Mortgage Broker who resides between Spain | Ireland | UK

Having been in finance for over 17 years & as a Qualified & FCA Regulated UK mortgage professional he can give expert mortgage advice to Expats Worldwide, UK residents & those considering buying abroad with a foreign currency mortgage. 

Testimonial

 Thanks for your help and dedication in securing my mortgage. Especially since Id changed my job role recently, without your intervention I may have lost the property! At last I’m packing boxes.. 

Mrs A (South West), Home Mover

Get In Touch

MY MORTGAGE DEAL

0044 (0) 7456 727 626
[email protected]

Live in Spain and want a property in the UK

Live in Spain and want a property in the UK

I live and work in Spain but I want to own a property back in the UK? 

I often get asked this question, and it seems to tie in with concerns around Brexit. I suppose many UK expats would like to cover all bases should they have to return to the UK, and not have to start all over again in the property market. 

So can UK expats earning in Euros get a new ‘first time buyer’ mortgage in the UK ? the answer is yes, but it does depend on the propertys stated use at the outset. 

Firstly, If the property is to initially let out to a tenant, with no immediate intention to return to live in it, then amazingly it is easier to obtain an Expat BTL for first time buyers. 

Secondly, If the requirement is for personal use, to reside in, very few lenders will permit this, however there are some. 

Thirdly, if you want to have both tenanted use and/or personal use, like to do a holiday let / city let with the property, then this is probably the rarest mortgage to find. However as a skilled specialist expat mortgage broker we have some options for this too !

Simon Murphy is an International Mortgage Broker who resides between Spain | Ireland | UK

Having been in finance for over 17 years & as a Qualified & FCA Regulated UK mortgage professional he can give expert mortgage advice to Expats Worldwide, UK residents & those considering buying abroad with a foreign currency mortgage. 

Testimonial

 Thanks for your help and dedication in securing my mortgage. Especially since Id changed my job role recently, without your intervention I may have lost the property! At last I’m packing boxes.. 

Mrs A (South West), Home Mover

Get In Touch

MY MORTGAGE DEAL

0044 (0) 7456 727 626
[email protected]