Expat struggling to borrow money to buy a Greek property

jewelin1

Hi all. I'm British, living in the US, and currently looking to buy a property in Greece. Obviously it's not going to be possible to get a Greek bank mortgage. I looked into releasing some equity from a London property I own which has a very small mortgage and is valued at several hundred thousand pounds. My UK lender said no to remortgaging because I live in the US. What are my best options? I need to borrow about £300k. Thanks!

MovingForwards

Who is living in the property if you live in America?

jewelin1

I will be eventually. Greece is one of a few countries with no physical presence law so I can rent it out while living in the US and move there eventually when I retire.

MovingForwards

jewelin1 said:

I will be eventually. Greece is one of a few countries with no physical presence law so I can rent it out while living in the US and move there eventually when I retire.

Your London property I meant.

jewelin1

Oh sorry. I used to live in it but it's been rented out since I moved to the US 10 years ago. The mortgage is basically paid off.

MovingForwards

jewelin1 said:

Oh sorry. I used to live in it but it's been rented out since I moved to the US 10 years ago. The mortgage is basically paid off.

In that case, as it's a rental, with evidence of the income from it, you can look at a buy to let mortgage. 

Your best bet is contacting a broker and make sure they are happy to liaise with you via email / Skype etc. I'm assuming you do not want to come over to the UK a few times just to hand over ID etc.

jewelin1

I already have a buy to let mortgage on the London property but my existing lender won't help. Thanks for your advice, I appreciate it. I'll look online for other btl lenders.

haras_n0sirrah

I have done some expat mortgages recently for clients residing in other countries. A lot of lenders have a minimum income requirement for expats. There are one or two who don't have a minimum income requirement