ExPat Mortgage - any options?

charlotte_rose

Would any lenders consider my sister for a BTL mortgage?

British National
Expat
Purchase £230k
Mortgage £184k
Self Employed
Clean credit record.

After 25-years working in the UK, she moved abroad 3-years ago. She had a residential mortgage up until 2-years ago when she was on PAYE.

Her eldest (20) is starting university this autumn she wants to purchase a property (albeit with an 80% LTV mortgage) for her and 2 friends to share.

Many thanks

Funny_old_game

This has got high risk written all over it.

Expat mortgages are nearly existent now so I would concentrate on getting lending for the country you live in.

If you also fond that hard then you know where the UK lenders are coming from.

Annisele

To make things even more difficult, your sister would be looking for a regulated BTL.

Most BTLs are non-regulated - but they also prohibit letting to family members. If she wants to let to her daughter, she's going to need regulated BTL. Not all BTL lenders offer those.

Plus, depending on where in the country the daughter will be, it sounds like it might be an HMO - which adds yet more complexity.

Is your sister sure she really wants to do this? Wouldn't it be easier all around for the daughter to just rent from someone else?

charlotte_rose

thanks for the replies.

her plan was to move back to UK in 2016 when her contract expires and then live in the property too. She said that in September she may have the option to be employed, though in Germany still for 4 days and the UK for 3-days. Would this materially alter her options?

What about if it was a residential mortgage?