Merien

Guys,

I'm trying to find an International mortgage, its my dream to purchase a property back home in UK, finally after working here in Dubai for last 3 years I have managed to save some for a decent deposit 25%. Travelled to UK last week, found a property in Aylesbury, offer been accepted, solicitors arranged, flew back to Dubai, now trying to find mortgage. I have been thinking that I could get a local mortgage from UK bank, only now found out that I need an expat mortgage! This flat will be a buy-to-let for now for next 3 years or so till I go back to live there. I'm having so much difficulty to find an expat mortgage provider. Any one have any recommendation? Barclays International can offer but with 40% deposit, which I cant afford!!! surely there must be a way.

I would appreciate any help.

Thanks

al dente

lloyds TSB do international mortgages. They take bloody ages though. One sticking point was how much my signature had changed since the very first time i signed my married name (on my passport) and the slapdash effort of 7 years later. Apparently, the British Embassy weren't quite official enough in verifying who i was!

Also, they need 30% deposit..

typical

25% isn't a decent deposit for a buy-to-let I'm afraid - closer to the bare minimum! (A few lenders may ask 20%; those asking only 15% are as rare as hen's teeth now AAUI. For the good mortgage deals you'd want 30-40% deposit. This is based on domestic BTL mortgages - for expat ones, I doubt they'd be more flexible...)

Banks ask for much more deposit for taking on the risk of a BTL, compared to a residential mortgage.

The Dean

HSBC Middle East used to have something for this situation (they are actually a Channel Islands registered company), so you might try them?

Meow

I have a great UK mortgage broker to whom I refer my clients. He is used to arranging mortgages for expats.

PM me if you want his details.

eweio

Do you still have the good contact for dubai to uk mortgages?

bit of a long shot i know haha.

any help would be great.

thanks

Ewen

Norm_uk

Our sister company is multi-million dollar international property concern working in a number of countries. We offer a mortgage brokerage to our expatriate clients and have a team in Dubai - if you'd like someone to contact you feel free to drop me a PM with your details.

N.

eweio

I can't pm norm uk, please arrange a email to [email protected].

Many thanks

dbuch

Hi Merien - It's been a long time ago and I hope you have been able to go for your dreamhouse by now but I am in an exactly similar situation right now so just curious to find out how did it work on the mortgage front. You could reply here or send a msg to me - that would be greatly appreciated.

Thanks a lot

al dente

You could simply follow the advice Merien received?

dbuch

Thanks el dente but I presume a lot would have changed since 2008 and now? plus I am interested in knowing the outcome of all the advice so as to not reinvent the wheel..

kittycat1

there is a similar post in the sandpit as I asked this question a couple of weeks ago- basically lending in the UK for expat buy to lets is like getting blood out a stone- but not impossible. Llyods tsb seems the best bet

dbuch

Thanks a ton kittycat1 !! that's what I am holding onto - that it cant be impossible! Cheers!

al dente

This thread is from 2011/2012 not 2008. We got an expat mortgage this year, see further upthread for details. We had 30% deposit.

It took 9 months in total and was abit of a logistical nightmare but do-able. You need to stay on the ball and check with the broker and soliccitor constantly to see what the hold ups are.

mentalist

Haven't they just been taken over by HSBC over here?