AAABritishExpat

Dear British expats.

I guess many of you left the UK after owning a home in mortgage there, so hopefully you can share with me advice here.

I recently left the UK to join an employer in KSA. My fixed-rate mortgage is coming to an end soon and the rate prices in the UK are soaring high. I discussed this with a broker and she told me that it might be tricky for me to get a remortgage (buy-to-let) from a lender given that I am an expat and the market situation. She said that there are "Expat Mortgages" but usually very high which makes them commercially unfeasible.

I am not seeking legal advice, but rather advice on what most people in the same situation did. Any advice/hint will be much appreciated.

Macster

i think it will depend on how much LTV you have... if your equity is high enough, you should be able to get an expat buy to let mortgage

MattA

Hi there AAABritishExpat,

I'm in a similar position at the moment. It's worth contacting brokers who specialise in expat mortgages. Having said that I haven't found the right one yet myself because they charge exhorbitant brokerage fees. Or the Bank charges high Set-up fees. Either way it makes it uneconomical to switch from my current loan. The cheapest I've found so far is through Clifton Private Finance and the total cost to establish the mortgage was GBP2760 which includes solicitor, application, arrangement, valuation and brokerage fees. The interest rate would be 7.34%.... so still high.

I've tried contacting the following so far:

• Liquid Expat mortgages
• Charcoal
• Articus Finance
• Clifton Private Finance

Some of these didn't return my online query so I can't give you any personal recommendations. If you find any others please let me know. I'm also seeking recommendations for anyone else out there in the same boat!

UKexpat2021

HSBC have an expat mortgage but it only comes with a variable rate. Skipton international also provide expat mortgages and you can contact them directly

AAABritishExpat

OK, my current fixed rate which is ending soon is 1% APR and it becomes 3.5% APR automatically at the end of the period. What would happen if I just do nothing and they start charging me the default variable 3.5% rate? Do I have to report to them that I left the UK?

mikelincs

You should have told them once you had moved as your mortgage might well be limited to owner/occupiers and especially if you have it rented out.

Duoduo

Hi Guys

I work in financial services and have some really decent contacts for mortgages, if any one is interested please feel free to send me a message. These are contacts that will return your call!!

spouse of scouse

Kickbacks for the leads? Just asking

christmasoompa

^^^^ This. I’d be surprised if your mortgage T’s and C’s didn’t say you have to inform them if moving abroad (and get permission from them to let, if you are doing that).

Duoduo

No definitely not, they pass me reciprocal business. You will pay the same fees regardless of going direct or me putting you in contact with either of them.

Mittdee

Hi All,

I think if there is a property already purchased with a mortgage, lender can't just claim to pay back all the mortgage just because the borrower has become an expat.
The mortgage will move to SVR (which will be quite high though).
Any thoughts please?
regards
MD

mikelincs

But if you haven't told them you might just find that any insurance linked to the house might well be adversely affected.

Duoduo

It depends what your doing with the property. If you've been renting it out and not informed them, then I'm afraid they can because you've broken the T&Cs of the mortgage.

Is it left empty and have you checked with the issuer it's covered being unoccupied for more than 90 days?

Mittdee

Hi Mikelincs,
Thanks for your reply. I have informed the lender & have consent to lease already. HMRC also has my overseas address. I have complied to the rules, no issues, that way.
regards
MD

Mittdee

Hi Duoduo,
Thanks for your reply. I have informed the lender & have consent to lease already. HMRC also has my overseas address. I have complied to the rules, no issues, that way. Also my property isn't left empty even for a single day. There are tenants already.
I am just wondering when my 5 year fixed term comes to an end in early 2025 & if I am still abroad, what will be my options for remortgae.
regards
MD