re-mortgage - brokers help wanted

yorkshire_stu

hi guys,
im in need of some help from a mortgage broker.
Im a britsh citizen but who is living in new zealand, so i am classed as a non-resident now. I do however still own a house in the UK, which is rented out.
My fixed term is up with the Abbey and i want to re-mortgage and take out some of the equity in the house.
The house is worth 100K and the remaining mortgage on it is 22K
I have contacted Abbey who have told me they cannot help, as i no longer reside in the UK.
Is there any way around this, can one of the mortgage brokers on here help me???

cheers
stu

HelpWhereIcan

There are lenders that will arrange a buy to let for an expatriate and you may well be able to increase your mortgage to approx £85,000. Which lender will be best for you will depend on a couple of things, first of which is the amount of rental income the property could generate.

Other than that, a lender will also want to know a little more about your being abroad ie. some lenders will want to know that you will be returning to the UK within the next couple of years, whereas others will just want to know that you have a UK passport and bank account. Some will want to know what personal income you have and want you to be paying UK tax and others will look solely at the rental income and want confirmation that you will register for UK tax on the rental income.

Post a little more about the rental income the property generates and what your situation in NZ etc is and when/if you may be returning to the UK to live and someone will be able to help

Hope this helps

MortgageMamma

I think Natwest will do this for you but theirs rates may not be the most competitive. I think you should take professional advice from a broker on this, as buy to let mrotgage providers requirements vary enormously!

herbiesjp

Some lenders may offer non BTL rates depending on your circumstances

yorkshire_stu

thanks for the replies,
the house is currently rented out for 450 a month, present mortgage is 240 a month, i have the house with a management company they charge 10%.
Im looking at coming back in the next 3/4 years, maybe, might stay here forever, not sure as yet.
All i want to do is to remortgage and take 20K out, so the present mortgage will go from 22K to 42K, as i said before the house is worth approx 90/100K.
I am registered with the tax department as being a non-resident, and they are aware that i rent the property out.
I just need pointing in the right direction, your replies so far have been a great help.
I knew i would have a problem but the Abbey just are not a very helpful bank so im looking for a friendly alternative.
It might be that no-one can help, in this case i just wont bother, and ill leave it with the Abbey.

thanks
stuart

HelpWhereIcan

As long as you are planning to return to the UK in 2/3 years time, as suggested by herbiesjp, the Halifax may well offer one of their current residential range.

Failing that, a buy to let lender such as Birmingham Midshires, Woolwich, Freedom Lending, Mortgage Express, Mortgage Trust and (as MM says) Natwest may well do something for you - there are others, so please don't accept this as the definitive list.

The Bank of Scotland and Capital Homeloans (amongst others) have 'offshore products' that may well be suitable if one of the above is unwiling to lend.

Hope this helps

yorkshire_stu

thanks helpwhereican,
is there any mortgage brokers on here who can help me get some quotes etc from the mortgage lenders who will help me n this situation. i would do it myself but its kinda hard when there is a 11 hour time difference.
Can i PM amy of the brokers on here to see what you can do?
I dont know who the brokers are?

cheers
stu

herbiesjp

I'm sure any of the regular broker posters will be glad to help