Mortgage but working abroad

psychy

Hi all,

Just wanted to ask a quick question.

Currently, my partner and I reside outside of the UK. We both have full time jobs (I moved about 5-6months ago).
We bought a property due to be completed at the end of the year. Would we have difficulty finding a mortgage? We will be looking at around 50-60% LTV.

Many thanks
Steve

Annisele

Maybe - hard to say on what you've posted.

Will this be a buy to let? Do you own other property (UK or abroad)? Income levels? Age? There are all sorts of questions if you want a more definitive answer.

Certainly there are some lenders who won't lend to people who aren't UK resident. However, that doesn't necessarily mean you'll have a problem.

psychy

The property will be for my personal usage when I return to the UK to family etc.
I do own other properties abroad.
My income would be considered med/high
Age: 29

We are british citizens etc, if that was an issue. Born in UK, only moved away recently for work.

HappyMJ

Will you continue to work for the same company on your return? Maybe wording the application stating your UK workplace rather than your overseas one might work.

psychy

I'm not too sure if I will return. For the next 2 years I very much doubt it.
I can't state UK workplace as I get paid in a foreign currency and all work documents/payslips etc state my foreign address/office etc.

psychy

any ideas people? Thanks!

knightstyle

Hi, I started a similar thread where I listed several companies who do mortgages for expats but as you can see I didn't get any replies.
Still it may be worth getting in touch with the companies listed. https://forums.moneysavingexpert.com/discussion/comment/45914745#Comment_45914745

ken29

psychy wrote: »

Hi all,

Just wanted to ask a quick question.

Currently, my partner and I reside outside of the UK. We both have full time jobs (I moved about 5-6months ago).
We bought a property due to be completed at the end of the year. Would we have difficulty finding a mortgage? We will be looking at around 50-60% LTV.

Many thanks
Steve

I'm in a similar position and have just completed on purchase with a mortgage from the Halifax. I also had an AIP from the Nat West too. So there are some lenders out there that will help us expats.

I used one of the specialist brokers that I found after googling for an expat mortgage if that helps. If you haven't done so I recommend trying that route.

esso

Hi all! Been reading all your super-informative comments. We're finding it difficult to secure a re-mortgage as the three lenders we've approached so far seem to think overseas is another planet! Current lender will consent to let but has a ridiculously high SVR of 5.79% on top of which they want to load a further 0.25%! I work for a UK government department (admittedly overseas but only for the next 2 years), pay UK tax AND national insurance (at usual rates), am paid in sterling and into a UK bank account, yet still we're perceived as high risk/ex-pats. Current LTV is approx. 58%. Any suggestions anyone?

Thanks.

Thrugelmir

esso wrote: »

yet still we're perceived as high risk/ex-pats. .

Renting a property out is a business not a hobby. So lenders will charge a risk premium to cover potential losses.

esso

Thanks Thrugelmire. Aware it's not a hobby (have other BTL property) and perhaps I wasn't clear but the SVR of 5.79% is their ordinary residential rate (we were living in the property until work took us overseas and came off a residential fixed rate earlier this year)! We understand we're going to have to pay a premium but want the cheapest premium!