Expat mortgages

Old Feb 20th 2014, 5:21 am
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Default Expat mortgages

Hi there, we're wanting to remortgage our house in the UK. We have a 'buy to let' mortgage which ends on March and now Hailfax say to us we can't simply renew the mortgage. Bugger.

Also the financial advisor tells us that fees were £600 as in 2012 are now £1200. Ouch!

Has anyone some good leads to expat 'buy to let' mortgage lends?
Have you had to pay fees greater than £600?

Thanks in advance.
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Old Feb 20th 2014, 5:33 am
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Default Re: Expat mortgages

I've seen something , somewhere elsewhere on BE about this. Could you have a search and see if you can find it.
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Old Feb 20th 2014, 6:39 am
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We went through Post Office mortgages before we left, they knew we were going to be expats, and had no problem. The fees weren't that low, but we were able to claim them as a rental expense against our taxes.
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Old Feb 20th 2014, 5:51 pm
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Default Re: Expat mortgages

Now there a good idea to claim that fee back. Thank you. I'm actually going to try the Postoffice.

A few friends who as expats have property in the uk and I've always wondered who they used and they told me that they forward all corrospondance to a uk address so their lender doesn't know they are non residential to the uk. I guess, if your paying your mortgage then why should it matter but it all seems so wrong to me.
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Old Feb 20th 2014, 7:21 pm
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Default Re: Expat mortgages

When I moved to NZ I already had a mortgage and just change the address to my brother's in London.

I was looking at re-mortgaging a few months ago and looked for ex-pat mortgages but couldn't find any. I seem to recall finding an off-shore option but didn't follow it up. I suspect the fee and interest rate will be higher. I think it was natwest, but if you search for offshore mortgages it will come up.
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Old Feb 21st 2014, 1:10 am
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Default Re: Expat mortgages

I've recently been in contact with a broker in the UK about our house there.

Long term tenant in there and making a couple hundred pounds a month over the mortgage. Catch is mortgage is interest only and has been for 10 years now. Gutting when I think about it.

Long story short this broker has advised that without a provable UK income there are no real options for expats, especially when switching providers, as the rates are +5.5% (+ transfer / set up fees) vs. the 4.74% SVR I have with my current provider.

I just need to start overpaying where I can.

If anyone knows any different though I'd be pleased to hear it!
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Old Feb 21st 2014, 1:52 am
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Default Re: Expat mortgages

Originally Posted by madao
I've recently been in contact with a broker in the UK about our house there.

Long term tenant in there and making a couple hundred pounds a month over the mortgage. Catch is mortgage is interest only and has been for 10 years now. Gutting when I think about it.

Long story short this broker has advised that without a provable UK income there are no real options for expats, especially when switching providers, as the rates are +5.5% (+ transfer / set up fees) vs. the 4.74% SVR I have with my current provider.

I just need to start overpaying where I can.

If anyone knows any different though I'd be pleased to hear it!
What you're supposed to do with an interest only mortgage is to put the capital payment proportion into an investment vehicle, the theory being that the stock market over time does better than housing. Probably depends a bit on where the property is located. Can you put the spare into an investment account? An accountant will probably tell you that's the best option but I preferred to overpay and have done. My mortgage is now GBP11,000!
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Old Feb 21st 2014, 4:23 am
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Default Re: Expat mortgages

Originally Posted by grahamwookie
A few friends who as expats have property in the uk and I've always wondered who they used and they told me that they forward all corrospondance to a uk address so their lender doesn't know they are non residential to the uk. I guess, if your paying your mortgage then why should it matter but it all seems so wrong to me.
think thats called fraud
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