How to get Buy to Let or IO Mortgage for UK Property
Apr 18th 2012, 1:51 pm
#1
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How to get Buy to Let or IO Mortgage for UK Property
Thought this would be straightforward but no. OH has made a few phone calls today to apply for a buy to let or interest only mortgage on our UK property and no-one is interested. The mortgage is only a quarter of the houses value so not a huge amount. They don't want to lend to someone who is emigrating. How did others manage to get mortgages to allow them to rent properties, did they not tell the truth when applying? Is anyone else having similar problems or if not who are you getting your mortgages with? Any help or advice would be very greatfully received we are hoping to move June/July this year!
Apr 19th 2012, 2:01 am
#2
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Re: How to get Buy to Let or IO Mortgage for UK Property
Tell your existing mortgage broker you are going abroad temporarily and need to rent the property out. They'll charge a bit extra on the mortgage.
Apr 19th 2012, 5:20 am
#3
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Re: How to get Buy to Let or IO Mortgage for UK Property
Thanks Chortlepuss. We have been searching on the internet and found a few companies that arrange mortgages for expats so looking into that. Will also contact our existing provider and see what they say.
Apr 19th 2012, 7:16 am
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Re: How to get Buy to Let or IO Mortgage for UK Property
I agree - we were with Virgin one and got dumped like a hot potato when we told them we were emigrating. Went to Barclays next, I was honest with the girl there, re mortgaged but apparently we had the intention of returning after 2 years.
Once over here we kept stretching it until sold after 3 and 1/2 years.
Once over here we kept stretching it until sold after 3 and 1/2 years.
Apr 19th 2012, 9:54 am
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Re: How to get Buy to Let or IO Mortgage for UK Property
I agree - we were with Virgin one and got dumped like a hot potato when we told them we were emigrating. Went to Barclays next, I was honest with the girl there, re mortgaged but apparently we had the intention of returning after 2 years. Once over here we kept stretching it until sold after 3 and 1/2 years.
Once over here we kept stretching it until sold after 3 and 1/2 years.
so it looks as though we will have to stretch the truth a bit.
Apr 20th 2012, 10:58 am
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Re: How to get Buy to Let or IO Mortgage for UK Property
There may be an option with one of the buy to let lenders. 
Apr 20th 2012, 11:33 am
#7
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Re: How to get Buy to Let or IO Mortgage for UK Property
JAK,
I did exactly what Chortlepuss suggests aboveat the back end of last year. I spoke on the phone to the Building Society who posted me a form, which I filled in and sent off and about 4 weeks later got approval to rent for 3 years. Was pretty painless compared to applying for anew mortgage methinks
Garbatellamike
I did exactly what Chortlepuss suggests aboveat the back end of last year. I spoke on the phone to the Building Society who posted me a form, which I filled in and sent off and about 4 weeks later got approval to rent for 3 years. Was pretty painless compared to applying for anew mortgage methinks
Garbatellamike
Last edited by Garbatellamike; Apr 20th 2012 at 11:34 am. Reason: spelling
Apr 20th 2012, 12:06 pm
#8
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Re: How to get Buy to Let or IO Mortgage for UK Property
Thanks for all your suggestions. He is going to try again next week and this time say we are moving for a couple of years 
Apr 20th 2012, 10:07 pm
#9
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Re: How to get Buy to Let or IO Mortgage for UK Property
Thought this would be straightforward but no. OH has made a few phone calls today to apply for a buy to let or interest only mortgage on our UK property and no-one is interested. The mortgage is only a quarter of the houses value so not a huge amount. They don't want to lend to someone who is emigrating. How did others manage to get mortgages to allow them to rent properties, did they not tell the truth when applying? Is anyone else having similar problems or if not who are you getting your mortgages with? Any help or advice would be very greatfully received we are hoping to move June/July this year!
The Mortgage Works do a number of products for both BTL & LTB.
Also try any one of the specialist BTL lenders such as Aldermore or Paragon.
You could also contact a specialist 'All Market' mortgage broker. These can save you alot of wasted time and they don't leave an 'application footprint' on your credit history.
Good Luck
Apr 21st 2012, 7:31 am
#10
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Re: How to get Buy to Let or IO Mortgage for UK Property
As well as the 'Buy To Let' mortgages, have you tried the 'Let To Buy' mortgages? Worth looking into.
The Mortgage Works do a number of products for both BTL & LTB.
Also try any one of the specialist BTL lenders such as Aldermore or Paragon.
You could also contact a specialist 'All Market' mortgage broker. These can save you alot of wasted time and they don't leave an 'application footprint' on your credit history.
Good Luck
The Mortgage Works do a number of products for both BTL & LTB.
Also try any one of the specialist BTL lenders such as Aldermore or Paragon.
You could also contact a specialist 'All Market' mortgage broker. These can save you alot of wasted time and they don't leave an 'application footprint' on your credit history.
Good Luck
Apr 23rd 2012, 2:33 pm
#11
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Re: How to get Buy to Let or IO Mortgage for UK Property
Hi,
You may find that your existing lender will honour the existing mortgage arrangement and give you formal permission to let the property. They are more likely to do this if they are told that your overseas visit is short term.
You might find that you have to do this initially, with a view or remortgaging once you have actually moved over. Potentially, you might secure another residential mortgage with permission to let with another lender on the understanding you will use the property yourself when you move back to the UK. The number of lenders who will look at this for you will be greater if you are working for a multi-national company who have offices in the UK. If you are self-employed the options are minimal - almost zero.
I am a whole of market mortgage broker, and specialise in ExPat mortgages. I am more than happy to help you if needed
Regards,
Simon
You may find that your existing lender will honour the existing mortgage arrangement and give you formal permission to let the property. They are more likely to do this if they are told that your overseas visit is short term.
You might find that you have to do this initially, with a view or remortgaging once you have actually moved over. Potentially, you might secure another residential mortgage with permission to let with another lender on the understanding you will use the property yourself when you move back to the UK. The number of lenders who will look at this for you will be greater if you are working for a multi-national company who have offices in the UK. If you are self-employed the options are minimal - almost zero.
I am a whole of market mortgage broker, and specialise in ExPat mortgages. I am more than happy to help you if needed
Regards,
Simon
Apr 23rd 2012, 11:36 pm
#12
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Re: How to get Buy to Let or IO Mortgage for UK Property
I remortgaged my flat in London when I moved here at the end of last year, and now rent it out. I decided against staying with my existing lender as they would offer a 'consent to let' for up to 2 years only.
I used a whole of market broker who got me a mortgage on a residential rate (not a buy to let rate) with pre-underwritten consent to let the property out for up to 10 years while I'm abroad.
I would never have found that product without the broker, it was definitely worth the call to them. It cost me nothing to use them, and I'm much better off because of it. Win!
I used a whole of market broker who got me a mortgage on a residential rate (not a buy to let rate) with pre-underwritten consent to let the property out for up to 10 years while I'm abroad.
I would never have found that product without the broker, it was definitely worth the call to them. It cost me nothing to use them, and I'm much better off because of it. Win!
Apr 24th 2012, 7:17 am
#13
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Re: How to get Buy to Let or IO Mortgage for UK Property
Hi LittleButton,
That is exactly what I recommend to my clients.
Simon
That is exactly what I recommend to my clients.
Simon
Jun 20th 2012, 9:55 pm
#14
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Re: How to get Buy to Let or IO Mortgage for UK Property
I remortgaged my flat in London when I moved here at the end of last year, and now rent it out. I decided against staying with my existing lender as they would offer a 'consent to let' for up to 2 years only.
I used a whole of market broker who got me a mortgage on a residential rate (not a buy to let rate) with pre-underwritten consent to let the property out for up to 10 years while I'm abroad.
I would never have found that product without the broker, it was definitely worth the call to them. It cost me nothing to use them, and I'm much better off because of it. Win!
I used a whole of market broker who got me a mortgage on a residential rate (not a buy to let rate) with pre-underwritten consent to let the property out for up to 10 years while I'm abroad.
I would never have found that product without the broker, it was definitely worth the call to them. It cost me nothing to use them, and I'm much better off because of it. Win!