Expat Mortgages
Dec 18th 2018, 1:34 pm
#1
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Joined: Mar 2012
Location: Calgary
Posts: 962
Expat Mortgages
Hi, my house in the UK is currently let out and the mortgage is up for renewal. Can anyone recommend a broker who looks at buy to let mortgages for expats?
Thank you!
Thank you!
Dec 23rd 2018, 11:59 am
#2
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Joined: Nov 2018
Posts: 60
Re: Expat Mortgages
ive only briefly looked at ex pat mortgages, I believe they’re hard to get, a lot have a sole applicant minimum salary of £70,000 equivalent. I’m sure you’ll find someone who’ll do it, but if it’s just your rate you can just renew it.
Dec 24th 2018, 1:48 pm
#3
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Re: Expat Mortgages
Is it on an ex pat mortgage now? If it isn’t and you’re referring to your fixed rate ending you should be able to apply for a rate change despite being in Canada. The providers I’ve spoke to allow this because I opened the mortgage when I was in the Uk.
ive only briefly looked at ex pat mortgages, I believe they’re hard to get, a lot have a sole applicant minimum salary of £70,000 equivalent. I’m sure you’ll find someone who’ll do it, but if it’s just your rate you can just renew it.
It does seem there are limited options. For other people who may be in this situation the ones I've found so far are:
- HSBC but as you say, £70,000 GBP equivalent income is required
- State Bank of India - require only £40,000 equivalent income but require you to physically be at a branch to sign documents, this can be an international branch and they have one in Vancouver.
- Natwest International
- Liquid Expat Mortgage brokers.
Dec 24th 2018, 4:08 pm
#4
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Joined: Nov 2018
Posts: 60
Re: Expat Mortgages
Hi, thank you for the reply. It's still on the regular mortgage I had before I left the UK, I need to change to a buy to let mortgage though as it's on a residential at the moment.
It does seem there are limited options. For other people who may be in this situation the ones I've found so far are:
It does seem there are limited options. For other people who may be in this situation the ones I've found so far are:
- HSBC but as you say, £70,000 GBP equivalent income is required
- State Bank of India - require only £40,000 equivalent income but require you to physically be at a branch to sign documents, this can be an international branch and they have one in Vancouver.
- Natwest International
- Liquid Expat Mortgage brokers.
Is your lender a fairly standard lender? Most lenders don’t care if you’re changing rate but not in the UK. Have you considered ‘consent to let’ - most residential mortgage providers will give consent to let even though they don’t offer a buy to let mortgage. It’s considered a requirement as people do move abroad or like the military are posted overseas.
You may have it reviewed every two years or so but they can’t realistically decline unless your credit score is poor and usually have kept the mortgage there for atleast six months. I work in mortgages and we found a man who rents his house out for four years without consent.....ultimately we can’t know that if the mortgage was being paid. (Not advise just a point).
I hope you find an ex pat one if that’s what you really do need. The interest rate will be a lot higher, and the loan to value will need to be nearer 60-70% I would have thought. I hope to be able to buy more buy tomlets when I live in Canada but I wouldn’t meet the sole income requirement. I’d be grateful if you could keep us updated on what a broker finds for you, what the deposit is etc. It looks tricky and I have half given up on it myself. I’d a,so heard briefly about the checks and paperwork issues too and it sound tedious. Usually though, (as someone who owns multi unit properties) there’s atleast 2-3 lenders that can assist with more specific requirements.
Dec 27th 2018, 8:15 am
#5
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Joined: May 2016
Location: Munich, Germany
Posts: 189
Re: Expat Mortgages
Our UK mortgage is with Nationwide. When we left the UK in 2014, we applied for 'Consent to Let' which was quickly approved. It is renewed every 3 years and we pay approximately an additional 1% on the mortgage interest rate, but this is far easier and cheaper than an expat mortgage. We have now been working under these conditions for 5 years and plan to continue once in Canada.
