Victor Meldrew

I am planning to buy a Buy to Let property this Summer. Probably between £100k - £160k

I am a non-resident expat.

I have made an appointment with HSBC in UK in July. They have an income requirement for non-residents which is a bit steep but luckily within my salary range.

Are there any other standard organisations (banks/building societies) in UK who also do Expat BTL?

scot47

Where is the property located ? In UK ?

Victor Meldrew

Yes, in UK. Probably Birmingham

kostik3000

Try Skipton International. They are based in Jersey and offer good rates on BTL expat mortgages. Planning to use them near too.

Millhouse

NatWest offshore.

Be warned though the BTL dream is dead right now unless your mortgage is very low. Overpriced houses and increasing tax policy...most landlords are selling.

Johnnyboy11

Have to agree. Best to sit down and work out the costs before you commit, and whether you'd be better off shoving your savings in an investment fund.

Mortgage fee
Solicitor fee
Valuation fee (potentially several)
Stamp duty
Extra Stamp Duty charge if/ when you own another property, worldwide
Council Tax
Utility bills
Building insurance
Furnishings, if you let it furnished, and contents insurance
Maintenance
Maintenance fee for common ground
Letting Agent fee
Accountancy fees for your annual tax return
Occupancy Gaps
Evicting the tennant from hell, who doesn't pay rent for a year then disappears, leaving the place trashed
Capital Gains Tax (applies since this is not your primary residence)
Mortgage Interest, becoming non tax deductible
Corbyn's Garden Tax when it comes (property is theft, you know)
Exchange rate risk (Who knows where the GBP is headed?)
Potential capital loss if/when the housing bubble bursts
The cost of your time in remotely organising all of the above

I don't think the sums will work out, but if they do, is all the hassle worth it?

Meow

Victor, talk to me! I'll drop you a PM.


Info regarding UK mortgages for expats here: https://financialuae.me/2017/04/03/a...rty-in-the-uk/

Getting a mortgage as an expat can be a right main but we'll make it as easy as possible and have a big panel of lenders but if the purchase price is below GBP 150k you will be limited. The lenders other have mentioned won't be able to assist at that level.


Info on main property taxes here: https://financialuae.me/2017/06/12/n...n-uk-property/

eastrunner

@ Meow your second article says non residents are eligible for the standard UK allowance 11,500? is this accurate, thought it was scrapped for non residents by George O. Thanks


ER

Meow

Of course it's correct. I wouldn't say so otherwise!

There has been vague mention of allowances being reduced for non-residents but not for some years and no action has been taken.

Millhouse

How very dare you question her

Meow is also right about minimum lending. For Natwest it is 100k against a 150k property.

eastrunner

@ Meow you must forgive me....for questioning your wisdom. I shall not anger Bastet and her friends.


Er

Meow

Sabi Star

[QUOTE=kostik3000;12275168]Try Skipton International. They are based in Jersey and offer good rates on BTL expat mortgages. Planning to use them near too.[/QUOTE I think they re in Guernsey.

scrubbedexpat141

Excuse me, can any one help with where I can buy a Mercedes?

Mercedes? Rubbish, total shit. Have you considered how shit they are?
You should buy an Oil Tanker instead. Much better.

eastrunner

Make sure the property is not empty Jeremy Corbyn will requisition it


London fire: Jeremy Corbyn renews call to seize empty flats - BBC News