French residing in France to remortgage in the UK

avaleriea

Hello there,

I am trapped. I have a shared onwership in the UK and want to remortgage to 100% from France . I have succeded in having the authorisation to rent the house for now but will need to request so each year.

I have found a UK broker that has lenders but she confirmed they would only deal with UK expat. I have been in the UK for 18 years but kept the French citizenship.

ANY HELP!!!

I hope someone out there has had a positive experience of such cases and can advice me.

Thanks for any advice, even potential solutions in France.

I also want to know if there is any solution from France

Jimbo1976

When you say remortgage to 100%, what do you mean? Do you mean take out a 100% loan to value mortgage? eg flat worth £100,000 and a mortgage value £100,00? If so that's impossible as these don't exist anymore.

You may be able to remortgage your share of the property. However your post is a bit vague. In the title you say "French residing in France" but in the post you put "I have been in the UK for 18 years". So are you in France or the UK?

What is your employment status, ie where, self employed/employed, income etc? Is your shared ownership property let out? What is the reason for the remortgage?

kingstreet

I presume the OP is talking about staircasing up to 100% ownership and coming away from shared ownership.

In which case, the LTV is still going to be limited to 90% of the full value.

holly_hobby

Ok this is effectively a BTL remortgage (as its let), complicated by the fact that its also shared ownership (to which the 100% remortgage is to effectively purchae the risdual HA % share), compounded by the fact that you are neither a UK citizen (so don't qualify for ex-pat regs) and also no longer reside in the UK (which as a EU national, originally permitted you to obtain a UK residential mge in the first place, but which is no longer the case for a remortgage app, given the property's let status).

So, given all those issues ... you've no chance IMHO (not at 100%, and certanly not whilst its let and as a French national not residing in the UK).

As a result if you want to staircase at the present time (not withstanding there are no 100% remortgage deals available), and I am assuming that together with the HAs permission to let that you have obtained, you have ALSO obtained consent to let from your residential mge lender ? If so, your next step would be to pch the residual % owned by the HA in cash, as I can't see any other way, unless you can source a French bank whom will offer 100% mortgages on UK (let) properties ? (which is doubtful)

To help bottom this out, BNP bank, whom are a French bank (and did used to offer and operate resi mges in the UK, but may have now withdrawn from the UK market), could possibly be a starter for you (but as stated you'll have to think again about the 100% wish) !

Of course you could sell the property if you don't intend to return to the UK.

Hope this helps

Holly