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Housing mortgages for PR when working overseas

Housing mortgages for PR when working overseas

Old Jun 11th 2021, 5:17 pm
  #1  
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Default Housing mortgages for PR when working overseas

Hello,

I have lived and worked in UK for 10 years and recently decided to take a job offer from Abu Dhabi. Here is my situation (might be a bit complicated, but isn't it normal when it comes to relocation...)

Questions about my housing mortgage on uk property. Since my property will be rent out and i will be working overseas for a couple of years, it looks like I have to apply for a buy to let mortgage. However, i still need to stay in my current mortgage as ending the agreement would cause 3% repayment charge. Therefore, I will need to apply for the buy-to-let mortgage in a year's time when I will be based in AD. I don't have a British passport but I have indefinite leave to remain visa (Permanent resident visa) in UK. I've called Barclays but it looks like they only approve buy-to-let mortgage when the applicant actually lives in the UK.

Any advice here? Can I perhaps get a mortgage from one of AD banks to finance my UK property?

Thanks!
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Old Jun 11th 2021, 5:41 pm
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Default Re: Housing mortgages for PR when working overseas

Originally Posted by MyintD View Post
Since my property will be rent out and i will be working overseas for a couple of years, it looks like I have to apply for a buy to let mortgage.
Not necessarily. Some mortgage lenders will let you continue with your existing 'live in' mortgage despite informing them that you'll be letting out the mortgaged property and you'll no longer be living there. Have you actually spoken to the lender yet?

Last edited by psychopomp1; Jun 11th 2021 at 6:27 pm.
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Old Jun 11th 2021, 6:33 pm
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Default Re: Housing mortgages for PR when working overseas

Yes, i've spoken to them today. They can do maximum 2 years "permission to let", after which I have to apply for buy-to-let.
I think it is best to re-mortgage after the fixed period, as you don't want to pay the variable rate which is usually much higher than the fixed rate.
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Old Jun 11th 2021, 8:54 pm
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Default Re: Housing mortgages for PR when working overseas

Colleague of mine had a similar situation. He wanted to remortgage with a different bank but due to lack of U.K. payslips wasn’t able to do so, however, he hired a mortgage broker and managed to get a buy to let mortgage with a specialist provider. The interest rate was higher but at that point he was just happy to have a mortgage.

you can explore expat mortgages, skipton and HSBC.

FYI - check with your home insurance company as sometimes not having a buy to let mortgage will invalidate your policy.
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Old Jun 12th 2021, 5:49 pm
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Default Re: Housing mortgages for PR when working overseas

Thank you. This is exactly what i am looking for. I will speak again to my mortgage broker for these expat mortgage options.
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