Expatriate mortgages

ManicMum

Hello

My husband has been offered a job abroad. He is looking at taking out a personal loan to fund initial set up costs. Only other option is to change mortgage to a BTL which even less keen to do due to high fees, interest rate and don't think we'd qualify anyway without increasing balance, due to it being so low now. I saw today a line on an ad for Halifax that just said 'not including expatriate mortgages'. I can't seem to find any info on their website.

Does anyone know anything about them? What I am thinking is that if we did leave UK on a wing and a prayer and then decided wanted to access some of the capital from our property, can this be done? Or do you need to be resident in UK?

Also, are there any BTL mortgages that operate on an offset basis?

thanks.

Thrugelmir

Why isn't your husbands employer assisting you?

ManicMum

They have offered to pay flights, temporary accommodation and car hire. However there are other costs such as my visa (about £2k), kids citizenship and passports, which is about £600 alone, plus deposit and first month's rent for permanent accommodation, buying a car, plus he needs to support us for 6 months whilst visa processed.

thanks

Thrugelmir

Then I wouldn't leave the UK on a wing and a prayer......

Suggest you make an appointment with your lender to ascertain your options.

ManicMum

thanks. Done that but not looking good. It's First Direct. have sent them a begging email. We're in catch 22 situation. Almost own house outright but not enough cash to fund the costs. Don't really want to go from almost owning to substantial BTL on high interest rates. That's why wondered if anyone knew any other options.

Thrugelmir

How long is the job abroad for?

Dave_Ham

There was another recent thread where the employer wrote to First Direct and they backed down and gave consent to let.

I imagine the issue here is that you want to raise some funds on mortgage and then achieve consent to let, which will be harder.

Some of the mortgage lenders on a buy to let offer a % of value fee to achieve a decent rate and therefore subject to how low is low balance this may make sense..

Get some decent advice from a broker and sure there will be a solution that works for you, because I would not want to be leaving the country on a budget - it must be a big enough life decision as it is!