Stuck on SVRs due to being abroad

Dogslife4

Hi All,

Long time forum stalker first time poster here.

I am having a problem with a couple of mortgages which are currently on, or soon will be on SVRs, having come to the end of their discount period.

Long story short, a little under a year ago I was relocated to the USA as part of my employment with a large multi-national Tech company. I am in the US on a non-resident visa (L1A) which runs to 2020 and so have retained my legal residency status of the UK (still, however I believe I now qualify as an "expat" for lending purposes. Despite being in the US temporarily)

Expat status has significantly reduced the number of lenders that will allow me to refinance with them, and an initial look by a broker revealed nothing sub 6%.

Looking for any advice here as to how I can get on to a lower rate, whether the expat status is accurate, and whether I just need to suck it up and pay the higher SVR rate,

Details of the mortgages

Property 1: Value 200k - mortgage 120k (BTL - interest only) - deal ends Sept 2016 - current payment 340 per month. Rented for 900 per month. Moves to SVR of 4.7% from current rate of about 3.2%

Property 2: Value 165k - mortgage 100k (BTL - interest only) - deal ends May 2016 - current payment 295 per month - rented for 725. Moves to SVR of 5% from 3.5%

Property 3: Value 290k - mortgage 160k (Let to Buy/residential - repayment) - deal ended already - current payment 850 per month - rented for 1200. SVR is 4.7% up from previous deal of 2.4%.

Ideally I'd like to secure 5 year fixes on all three. All have high amounts of equity and so I should, in difference circumstances at least, be able to secure financing at 2.x%, rather than the significantly higher rates I am paying now or will be paying soon.:(

Details of foreign employment - salary is around $180k per annum, with my wife also working in tech making about $145k per annum. Both in permanent full time jobs for large multi-nationals - where our employment can continue in the UK after visas expire etc.

I believe we are very safe borrowers from a bank's perspective since we are on high incomes, have low LTV and both have perfect credit. Also retained UK bank accounts and credit facilities, as well as a UK address (not one of the rental properties). Just need to know if there are any banks that will look past the 'expat' label?

getmore4less

No retention deals from the current lenders?
execute only depending on lender may be able to do it on-line

Thrugelmir

Dogslife4 wrote: »

All have high amounts of equity and so I should, in difference circumstances at least, be able to secure financing at 2.x%, rather than the significantly higher rates I am paying now or will be paying soon.:(

You are not going to find 2.x% on 5 year fixed term mortgages on BTL products. Even reasonable rates are going to incur sizable product fees. Unlike residential mortgages equity is only part of the equation.