Buy to Let Mortgages for expats

Blitzwing85

Hi

Does anyone have experience with this or some good websites to check out for more information?

I contacted a few lenders but the remaining mortgage was less than their minimum borrowing amount.
It's a joint mortgage and I'm going to take it on myself but I've lived abroad for almost 2 years now so this is the first time I've had to consider this.

The other option would be to sell it and purchase a better investment property in the South (this one is in Northumberland). But for now I think I'd rather just keep this one because I don't know what my plans are and where I'll move to next

dimbo61

You'll need a mortgage broker to help you with this.
Buying and selling is expensive so are you making a profit from your current property

YHM

Very specialist area and only a few lenders would entertain it.

Need to sit down with a good broker for this one

Blitzwing85

There isn't profit on the rental income as I was only renting it out to a friend of mine for the last 18 months. But he is looking to purchase his own house now so I either sell it or keep it and put it on the rental market. It won't be too hard to cover the mortgage amount, but it's not profitable income other than paying off the mortgage for me.


I was quite surprised by the lack of options for Expat mortgages given how many millions of Expats there are from the UK but it's just a new one for me - never had to look at it before
My current lender can do it if I ask for permission so I need some other options to see if they are competitive.

I've got a call arranged for some financial advice in an hour so I'll ask them about it too.

So if the option is to go with a broker then I'll look at that to see how I wish to proceed


I also need to know if it matters which country I live in. Because I value my freedom of movement very highly and if this will restrict that then I will just sell it.
I'm currently in Iceland but there is a high probability I'll move to Russia next so I am unaware if this has any implications or if it's not relevant

YHM

Who is your existing lender?

The country you are in is key to which lenders will allow you to remortgage the property. As is the currency you are paid in.

AnotherJoe

You also have the big difference that you will change from renting to a friend who i presume looked after the property in a reasonable manner and helped you out if perhaps something needed fixing even if it was just arranging a plumber or whatever, compared to a tenant you dont know who wont be doing that, so you'll have to pay an agent to manage it and top whack for any services.
Id be very tempted to sell in your situation.

Blitzwing85

Ok interesting to know. I'm currently paid in Icelandic Krona - I don't work for a UK company or as a Contractor so it's more than likely my Wage will always be in the currency of the country I live in.
But this could change!

By the sounds of it it's unlikely to be worth it both in time management or financially to keep it. And maybe more beneficial to sell it so I cut out any restrictions for me to change my plans.


Yes you're right - my friend has been really good to be honest - he does interior decorating so he actually did it up nice at no expense to me
So this should make it a bit easier to sell too!
Being abroad, and not making so much profit means it's probably not worth the hassle to rent it out on the open market just in case it becomes problematic.

His affordability is pretty limited so it could take him some time to find a house. And I also confirmed I can get divorced now that it's been 2 years apart and keep the joint mortgage with my ex-wife so I don't need to rush into dealing with it.
I thought I'd have to split the mortgage before I'd be allowed to divorce!

I'll get more info, but I think leaving it for a few months then selling it once he has more definitive date and plans to move out
Unless my situation changes in that time frame

Macsta

Another point is your landlord insurance - nearly all the "named" insurance companies will want you to be a UK resident - Direct Line offer an expat landlord cover but I do not know of any other?

AHarri

Hi I wondered if you ever found a good deal for your remortgage while you were working overseas? I'm in the same position and looking for lenders if proving very difficult and the options seem to be incredibly expensive. Any advice much appreciated