We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Moving to USA: Expat or buy-to-let Mortgage?
synaesthesia
Posts: 8 Forumite
Hi all, I'm going to be moving to the US at the end of September on an H1-b visa, to work for a multinational company for (hopefully) several years, where I should have a good salary (in USD).
I'm planning to buy a flat in London as a buy-to-let investment before I leave the country. I will be a first time buyer/first time landlord, and have spoken to a couple of brokers who seem to have reasonable buy-to-let deals available with a 25% deposit, based on my current job (that I will quit in a few weeks time). I can just about stretch to get such a deposit with a contribution from my parents.
However, one broker suggested that I instead take out an "expat mortgage" and showed me some rates that seemed to be about 1% less than the buy-to-let rates, and only required a 15% deposit rather than 25%. He said I'd be able to arrange this before I leave the UK, as I have my new contract in place already. He did say it might take 4 weeks to approve, which might make things a little tight for me, and I'm wondering if I should just stick with the tried-and-trusted regular mortgages.
I haven't yet found much other information online on these type of expat mortgages. Another broker advised me against it, as I was still in the UK. It sounds like a good deal, but what is the catch?
I'm planning to buy a flat in London as a buy-to-let investment before I leave the country. I will be a first time buyer/first time landlord, and have spoken to a couple of brokers who seem to have reasonable buy-to-let deals available with a 25% deposit, based on my current job (that I will quit in a few weeks time). I can just about stretch to get such a deposit with a contribution from my parents.
However, one broker suggested that I instead take out an "expat mortgage" and showed me some rates that seemed to be about 1% less than the buy-to-let rates, and only required a 15% deposit rather than 25%. He said I'd be able to arrange this before I leave the UK, as I have my new contract in place already. He did say it might take 4 weeks to approve, which might make things a little tight for me, and I'm wondering if I should just stick with the tried-and-trusted regular mortgages.
I haven't yet found much other information online on these type of expat mortgages. Another broker advised me against it, as I was still in the UK. It sounds like a good deal, but what is the catch?
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.6K Life & Family
- 261.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards