Expat mortgages
#1
Forum Regular
Thread Starter
Joined: Apr 2008
Location: Wellington, NZ
Posts: 61
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.
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.
#2
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.
#3
Forum Regular
Joined: Oct 2009
Location: Lower Hutt
Posts: 243
Re: Expat mortgages
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.
#4
Forum Regular
Thread Starter
Joined: Apr 2008
Location: Wellington, NZ
Posts: 61
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.
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.
#5
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.
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.
#6
Forum Regular
Joined: Dec 2010
Location: Manurewa, AKL
Posts: 165
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!
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!
#7
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!
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!
#8
MODERATOR
Joined: Oct 2011
Location: Wellington - I miss Castles, the NHS & English school system
Posts: 9,077
Re: Expat mortgages
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.