UK Home (re)mortgage after leaving UK

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Aug 3rd 2023, 4:55 am

#16

Duoduo

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Joined: Oct 2022

Location: UK/UAE/SAUDI

Posts: 33

Duoduo is an unknown quantity at this point

Re: UK Home (re)mortgage after leaving UK

Quote:

Originally Posted by 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

You will need to move it onto a buy to let mortgage. If you have plenty of equity in the house, this will be straightforwards as long as you meet lender requirements. The big one is that you earn £50k + equivalent in currency your paid in.

Aug 3rd 2023, 8:56 am

#17

Mittdee

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Joined: Sep 2021

Posts: 33

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Re: UK Home (re)mortgage after leaving UK

Quote:

Originally Posted by Duoduo

Thanks Duoduo.
My equity is approx 48-50%. My earning currently are Ok also no issues. I am paid in UK bank however working in Middle east.
I am also happy to convert to Buy to let, however little concerned if lender creates issues as I am working in Middle east
thanks again
MD

Last edited by Mittdee; Aug 3rd 2023 at 10:30 am.

Aug 3rd 2023, 8:04 pm

#18

Duoduo

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Joined: Oct 2022

Location: UK/UAE/SAUDI

Posts: 33

Re: UK Home (re)mortgage after leaving UK

Quote:

Originally Posted by Mittdee

no issue on a btl mortgage with you living in the Middle East, it will limit the providers who will accept though.

Aug 5th 2023, 3:40 am

#19

Mittdee

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Joined: Sep 2021

Posts: 33

Re: UK Home (re)mortgage after leaving UK

Quote:

Originally Posted by Duoduo

no issue on a btl mortgage with you living in the Middle East, it will limit the providers who will accept though.

Thanks Duoduo. I hope so too.
regards
MD

Aug 8th 2023, 7:44 am

#20

Norm_uk

MODERATOR

Joined: Dec 2004

Location: Dubai

Posts: 6,373

Re: UK Home (re)mortgage after leaving UK

Quote:

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.

Speak with a UK FCA registered mortgage broker who has experience dealing with expats specifically. There are usually always options available, and yes they might not be as favourable for expats as for people living in the UK. But there are thousands of people in your position who have managed just fine, both with new mortgages and re-mortgages of existing property.

Switching to a BTL isn't difficult - these days it will usually just mean you have a limited range of lenders so you should be able to explore that ahead of your move and avoid and breeches of your existing T&Cs. Where the property is located will also be a factor. For example, I recently referred someone in Dubai to a UK mortgage broker who was buying in the Orkneys - it turns out only one bank currently lends there at all so they had to take what they were given. In most cases you should have several options though.

N.