Expat Buy-to-let mortgage query

mickeyblue1457

Hello fellow threaders....

Does anyone know of any lenders that do expat mortgages for a buy to let property. Currently we have two properties both residential mortgages with consent but we need to switch to a buy to let.

We both have a combination of employed and self employed work, so this may complicate the issue.

Any suggestions are welcome.

thanks

Thrugelmir

If you are not UK resident then you may have very limited options.

GMS

Seek help from a broker.

What value? Mortgage required? Monthly rental income?

ACG

Options will be limited, there are maybe a handful of lenders who will do this. Rates should be more or less normal, although some of the "best buys" may not be available.

Definitely one for a broker.

mickeyblue1457

Yeah we have been looking at a broker but its a pretty expensive prospect for an enforced landlord...not a investor just needed to move after just buying so not easy to sell again

Thanks for the replies...

well 2 properties totalling 250,000 of lending and rent totaling 1650 ish and a total value of 375,000

I should say Im british....and will return at some point to the uk

jimjames

I think market harborough building society do them.

We have a mortgage with them but they told me they now don't do standard btl mortgages, only more specialist ones like ex pats.

mickeyblue1457

Ill check them out....need to email them as there is no real information on the website but it does specialise in non-resident brits

thanks

Jonbvn

OP,

Could try this lot.
http://www.international-mortgage-plans.com/expat_mortgage_rates.htm

Their fees are not small however.

ACG

Market harborough are one company but they price on risk. There are likely to be cheaper options out there.

amnblog

This is not a 'beauty parade' case.


There is unlikely to be any choice of options.


The OP needs a broker who has done these cases before.


Particularly if they have been out of the UK for some time.

mickeyblue1457

Dear all

thanks for all your replies....

I agree in idea circumstances a broker would be great but the maths are just not stacking up...

the broker for what we need has quoted a total of 2700 quid, if you add onto this the approximate fees and valuation etc for two properties of 5000 quid....this is literally more that we make from the two properties for the 2 years fixed period we want the loan for....

then if we remortgage again...the process starts again.....we would literally never make any money (which Im not bothered about except for the fact we also would not even pay off the mortgage either)..while still carrying the risk of maintenance, paying missed rents etc...

we are seriously considering selling the properties but not sure how well the one in glasgow will do and we have made a promise to the tenant of the house that she can have a 3 year tenancy....

Decisions...decisions.....

thanks again for all comments...any other options still welcome