Mortgages for expats?

IanWorthington

I left the UK in 1995 to work abroad. As it was only intended to be for a few years I sold my house, but I'm still abroad, and without a UK property....

I would ultimately like to move back to the UK and the current near-hiatus in the property market would seem like a good opportunity to buy something I could let out until that happens.

Living abroad though, is a cash purchase my only option? It would seem to make sense to use the rental income -- which I'll have to pay tax on otherwise -- to pay interest on a btl mortage so I can lock in the price of our future home. Are though btl mortgages available anywhere at similar rates to expats?

If not, any thoughts most welcome.

i

IanWorthington

I'll just try one bump if I may? Anyone?

i

VIGILANT22

The fact you plan to move back to the UK will be in yr favour for an expat mortgage

Annisele

The link below suggests that Halifax will lend, so long as you are intending to return to the UK within four years (scroll down the page and click on 'expatriates'). I'm not recommending Halifax, and I know nothing about the product - I don't even know if the information is accurate - but I'm posting it just for info.

http://www.halifax-intermediaries.co.uk/criteria/default.aspx

herbiesjp

You will have a handful of lenders that could look at this for you.

It will all depend, as usual, on your circumstances i.e. current country of residence, income, employment status, deposit (general underwriting criteria).

Pre credit crunch the cases i did like this were pretty straight forward - nowadays the lenders tend to be stricter, but still amenable to lending if you match their criteria.

Jonbvn

Check out the link.

http://www.international-mortgage-plans.com/

Max. 75% LTV.

Arthritic_Toe

Don't do it! I worked abroad for a few years and my house in the UK was a constant source of anguish, until I sold it a couple of years later. It was a huge weight off my mind when I sold it. You'll be in great position to step back into the market when you return with a wad of cash in your pocket and complete freedom with regard to location etc. There is absolutely no way that houseprices are going anywhere much in the next few years, so it would make no financial sense either, in my opinion.

IanWorthington

Many thanks to all. Looks doable, albeit maybe more expensive. Worth having in my back packet in case prices start reaching for the sky again.

@AT: That was my thinking when I sold in 1995. When I returned briefly in 2005 I realised what a mistake it had been. If I plan to return to England ever the anguish has to be managed: I think a letting agent, an odd job man, and suitable insurance may be the keys here.

i

Arthritic_Toe

IanWorthington wrote: »

@AT: That was my thinking when I sold in 1995. When I returned briefly in 2005 I realised what a mistake it had been. If I plan to return to England ever the anguish has to be managed: I think a letting agent, an odd job man, and suitable insurance may be the keys here.

i

Fair enough - but there's a huge difference between 1995 and now in terms of where we are the housing market cycle.