Availability of Expat Mortgages

bgqs

I am currently based in Australia and have been for the past 12 months on a temporary business visa.

I own a mortgaged property in the UK which is mortgaged by SPML [Acenden]. The fixed rate period expired in 2009 and has been on a libor-tracked variable rate since then.

There is about 10% LTV in the property.

My current mortgage is an interest only mortgage and I am looking at switching to a repayment mortgage.

My problem is that as I am out of the country do I need to apply for an expat mortgage or can I just apply as if I live at the property ?

I have emailed a few mortgage brokers in the UK and none of them seem keen to recommend a product suited to my situation.

Any advice would be much appreciated !

holly_hobby

Ex-pat mortgages are ordinarilly for those outside of the uk, under employment with a UK or multi national employer, and with a defined UK return date.

Too boot you have either an un-occupied UK property (which invalidates any B&C ins and mge t&cs), or a let property, presume under conset to let if this is the case.

If its not your main residence and unoccupied , you haven't a hope in hell of securing a mortgage.

If it is let, the 90% ltv is a problem - as the max BTL LTV is currently 80% with select providers.

Sorry.. but you are stumped with this one unless you can reduce the mortgage advance reqd (assuming let).

Hope this helps

Holly

msw_2

Hi, I'm in a similar position, living abroad, renting out our UK property (with consent to let) and our fix rate expires in Sept. I'm just looking around now to see what other rates are like - but I'm not clear if another lender will take us as we are working abroad. I am thinking that we might just be stuck with A&L's SVR or perhaps they will offer us another fixed rate. Sorry no advice foryou but will be interested in any responses you get, I hadn't heard of ex-pat mortgages.