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Extending an existing UK mortgage as expat

Extending an existing UK mortgage as expat

 
Old Aug 10th 2014, 4:55 am
  #1  
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Default Extending an existing UK mortgage as expat

Just wondering if anyone else is having the same challenge as us in regards extending their existing UK mortgage?

We have had a mortgage for more than 6 years with Halifax on our UK house. I've previously extended the borrowing (in late 2009) and this was no drama.

However, I'm now finding that as a consequence of the tighter lending criteria, Halifax will no longer lend to expats, including extra borrowing to existing customers - which is pretty irritating given that we were expats at the time of application - so they're effectively preventing us from accessing features of the mortgage that were advertised when we took the loan and we have quite a fair amount of equity 'trapped' in our UK house.

Has anyone found a way around this?

I've contemplated changing the address of the mortgage to my parents house in the UK, before applying but wonder if they'll also ask for UK payslips etc?
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Old Aug 10th 2014, 11:48 am
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Default Re: Extending an existing UK mortgage as expat

Hi Bigdave, you are correct. Most UK high street lenders are taking a far more negative view of mortgage lending to British expats since the credit crunch of 2008, such a distant memory but still alive for lenders. I work in finance and had a similar problem with HSBC when leaving the UK to become an expat, I told them they were leaving and so i had to change products. I have found Nedbank Private Wealth to be accommodating for exapts and whilst they only lend around 60% loan to value, they are very good at looking at lending you more based on the assets and cash you have with them.
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Old Aug 11th 2014, 7:42 am
  #3  
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Default Re: Extending an existing UK mortgage as expat

Thanks mate - I already have about 59% LTV so I'd need a provider that will go higher. The challenge is also that we're on an interest rate (BoE + 0.79%) that is way better than what's on the market, so would much prefer to persuade Halifax to budge on extending us to 75% LTV rather than move the mortgage to a different provider!
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Old Aug 11th 2014, 8:01 am
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Default Re: Extending an existing UK mortgage as expat

That is a great mortgage rate. I don't believe you will find that in today's market, those rates were the heady days of 2008/2009 presumably ? Definitely, as you say, try and keep that rate, its very good.
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