Buy to let mortgage whilst living abroad

Kido

My brother is currently living and working as a teacher in South East Asia. As he get a good salary and a lot of perks thrown in, he's saved quite a large amount of money. He's thinking about buying a property in the UK to rent out for a year or 2 (or maybe longer) and then when he finally does return to the UK to live permanently he'll move in there or maybe sell it if he ends up in a different part of the country.

Having looked around, he's finding that most mortgages require you to be resident in the UK. He's hoping to get about a 75% mortgage.

Does anyone have any ideas as to the best place for him to start looking for a mortgage.

holly_hobby

He won't be classed as an ex-pat (notwithstanding E Asia), unless placed by a UK or multi national co, on a fixed contract with a scheduled return date.

So, no, he won't be able to secure a UK mge.

Perhaps with the financial position you say he's in, he could continue to save and pch for cash.

Hope this helps

H

Kido

Thanks for that. It was what I thought. He basically thinks he can live over there and over here.

antrobus

It's a lot harder than it used to be for an expat to get a UK mortgage. But not impossible. Your brother would be best advised to speak to a broker that specialises in this area; your typical UK mortgage broker won't know diddly squat.

This article names a few names.
http://www.telegraph.co.uk/property/expatproperty/9202914/Its-not-easy-but-expats-can-finance-a-dream-home.html

Thrugelmir

Kido wrote: »

He's thinking about buying a property in the UK to rent out for a year or 2 (or maybe longer) and then when he finally does return to the UK to live permanently he'll move in there or maybe sell it if he ends up in a different part of the country.

Why buy a property in a place you may not end up living in?

holly_hobby

Unless he is working for a multi national or UK based co - which I take it he's not as a teacher in Asia, there's no chance in my experience.

H

Kido

Thanks for the help guys. I've been telling him if he thinks he can get a mortgage, find a suitable house and get it sorted in 6 weeks whilst he's over here in the summer he's living in cuckoo land, but he doesn't listen to me.