Ah..Ha this is one of my favourite questions… why !! you may ask..UK properties for expats: 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.
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
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