Go Back  British Expats > Living & Moving Abroad > Middle East
Reload this Page >

UK Home (re)mortgage after leaving UK

UK Home (re)mortgage after leaving UK

Old Jul 20th 2023, 3:34 pm
  #1  
Forum Regular
Thread Starter
 
Joined: Oct 2022
Posts: 37
AAABritishExpat is an unknown quantity at this point
Lightbulb UK Home (re)mortgage after leaving UK

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.

AAABritishExpat is offline  
Old Jul 20th 2023, 7:54 pm
  #2  
Just Joined
 
Joined: Apr 2023
Posts: 14
Macster is an unknown quantity at this point
Default Re: UK Home (re)mortgage after leaving UK

Originally Posted by 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.

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
Macster is offline  
Old Jul 21st 2023, 5:33 am
  #3  
Just Joined
 
Joined: Jul 2023
Posts: 1
MattA is an unknown quantity at this point
Default Re: UK Home (re)mortgage after leaving UK

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!
MattA is offline  
Old Jul 21st 2023, 6:59 am
  #4  
Just Joined
 
Joined: Jun 2021
Posts: 20
UKexpat2021 is an unknown quantity at this point
Default Re: UK Home (re)mortgage after leaving UK

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
UKexpat2021 is offline  
Old Jul 21st 2023, 7:28 am
  #5  
Forum Regular
Thread Starter
 
Joined: Oct 2022
Posts: 37
AAABritishExpat is an unknown quantity at this point
Default Re: UK Home (re)mortgage after leaving UK

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?
AAABritishExpat is offline  
Old Jul 21st 2023, 10:46 am
  #6  
Concierge
 
mikelincs's Avatar
 
Joined: May 2006
Location: ex ex-pat, in Taunton
Posts: 27,186
mikelincs has a reputation beyond reputemikelincs has a reputation beyond reputemikelincs has a reputation beyond reputemikelincs has a reputation beyond reputemikelincs has a reputation beyond reputemikelincs has a reputation beyond reputemikelincs has a reputation beyond reputemikelincs has a reputation beyond reputemikelincs has a reputation beyond reputemikelincs has a reputation beyond reputemikelincs has a reputation beyond repute
Default Re: UK Home (re)mortgage after leaving UK

Originally Posted by 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?
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.
mikelincs is offline  
Old Jul 21st 2023, 4:40 pm
  #7  
Forum Regular
 
Joined: Oct 2022
Location: UK/UAE/SAUDI
Posts: 33
Duoduo is an unknown quantity at this point
Default Re: UK Home (re)mortgage after leaving UK

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!!
Duoduo is offline  
Old Jul 21st 2023, 5:57 pm
  #8  
Concierge
 
spouse of scouse's Avatar
 
Joined: Jan 2013
Location: Western Australia
Posts: 21,138
spouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond repute
Default Re: UK Home (re)mortgage after leaving UK

Kickbacks for the leads? Just asking
spouse of scouse is offline  
Old Jul 21st 2023, 9:50 pm
  #9  
SUPER MODERATOR
 
christmasoompa's Avatar
 
Joined: Oct 2007
Location: In a darkened room somewhere.............
Posts: 34,025
christmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond repute
Default Re: UK Home (re)mortgage after leaving UK

Originally Posted by 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.
^^^^ 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).
christmasoompa is offline  
Old Jul 22nd 2023, 9:41 am
  #10  
Forum Regular
 
Joined: Oct 2022
Location: UK/UAE/SAUDI
Posts: 33
Duoduo is an unknown quantity at this point
Default Re: UK Home (re)mortgage after leaving UK

Originally Posted by spouse of scouse
Kickbacks for the leads? Just asking
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.
Duoduo is offline  
Old Aug 2nd 2023, 12:45 pm
  #11  
Forum Regular
 
Joined: Sep 2021
Posts: 33
Mittdee is an unknown quantity at this point
Default Re: UK Home (re)mortgage after leaving UK

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
Mittdee is offline  
Old Aug 2nd 2023, 2:57 pm
  #12  
Concierge
 
mikelincs's Avatar
 
Joined: May 2006
Location: ex ex-pat, in Taunton
Posts: 27,186
mikelincs has a reputation beyond reputemikelincs has a reputation beyond reputemikelincs has a reputation beyond reputemikelincs has a reputation beyond reputemikelincs has a reputation beyond reputemikelincs has a reputation beyond reputemikelincs has a reputation beyond reputemikelincs has a reputation beyond reputemikelincs has a reputation beyond reputemikelincs has a reputation beyond reputemikelincs has a reputation beyond repute
Default Re: UK Home (re)mortgage after leaving UK

Originally Posted by 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
But if you haven't told them you might just find that any insurance linked to the house might well be adversely affected.
mikelincs is offline  
Old Aug 2nd 2023, 3:24 pm
  #13  
Forum Regular
 
Joined: Oct 2022
Location: UK/UAE/SAUDI
Posts: 33
Duoduo is an unknown quantity at this point
Default Re: UK Home (re)mortgage after leaving UK

Originally Posted by 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
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?
Duoduo is offline  
Old Aug 3rd 2023, 3:52 am
  #14  
Forum Regular
 
Joined: Sep 2021
Posts: 33
Mittdee is an unknown quantity at this point
Default Re: UK Home (re)mortgage after leaving UK

Originally Posted by mikelincs
But if you haven't told them you might just find that any insurance linked to the house might well be adversely affected.
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 is offline  
Old Aug 3rd 2023, 3:54 am
  #15  
Forum Regular
 
Joined: Sep 2021
Posts: 33
Mittdee is an unknown quantity at this point
Default Re: UK Home (re)mortgage after leaving UK

Originally Posted by 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?
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
Mittdee is offline  

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.