UK Mortgage for Brit living abroad

sonalkaren

Hi,

I'm a Brit living abroad and looking to buy a property in the UK.

We have a few questions:

1) My partner is a first time buyer and I am not - we are buying jointly so how do we get around the stamp duty?

2) What sort of rates are applicable for National's living abroad - i.e.: are we restricted to specific rates/products? (We're looking at interest free products only).

Thanks

ACG

1) You dont, you would have to pay it (If the purchase price is above £125k)
2)Im presuming you mean interest only - theyre not widely available anymore and to be able to get one whilst living abroad i think be pretty much impossible. You already limited on the lenders available so to limit yourself down to interest only is a step too far. I think you would probably also need a 30% deposit minimum.

sonalkaren

Thanks ACG.

Right - sorry, interest only. Thanks for the reminder on the 125k limit for stamp duty.

Understand that interest only is dying out. We've got 30%+ deposit so this won't be a problem. Whilst I appreciate that interest free is dying out do you think it would make a difference if the financial are in place - i.e.: have a mortgage free UK property which we can re-mortgage against plus cash for deposits etc?

Cheers

holly_hobby

Many lenders, Halifax included, will consider an unencumbered (mge free) 2nd property (or properties) as an IO repayment vehicle.

There is no longer any stamp duty amnesty for FTBs that ended last yr.

SDLT as already stated kicks in at 125K.

Whether you will be classed as an ex-pat will depend upon if you are overseas with your employer (UK or multi national employer), with income paid directly into a UK bank and a defined date of repatriation. If you are armed forces there are additional and particular schemes for you.

What will be the occupation details of the property whilst you are away ? As extended periods of unoccupancy will cause issues re blds ins, which is a conditional requirement of a resi mge.

You need an experienced mge broker whom understands the complications for any chance of successful placement.

Hope this helps

Holly