UK mortgages from overseas

nickg1980

I know the answer will probably be negative, but I wanted to ask anyway:

I am living outside the UK for a few years and have rented out my property (small one bedroom flat in southeast London) in the UK. My mortgage lender, the Halifax, has given me permission to rent it out on a normal mortgage without needing to buy-to-let as I intend to return and it is the only property I own.

I don't really make money on it. Yes, okay, so it pays a little off my mortgage, but after the mortgage, maintenance fees, ground rent, management fees, inventory, check-ing, check-out, expenditure, etc. I barely break even. I'm not exactly rolling around in money.

I want to switch my mortgage to get a good deal, although many lenders won't give me a normal mortgage because I'm letting my flat out and am not an existing customer of theirs.

Does anyone know any good value mortgage deals which would be open to people like me currently residing overseas who are letting their property to tenants.

Advice very much appreciated.

Many thanks.

Nick

Jonbvn

Nick,

Lots of lenders will do this.

Some links:
http://www.international-mortgage-plans.com/
http://www.expat-mortgages.co.uk/
http://www.seemoney.co.uk/pages/offshore/expat_mortgages.asp

nickg1980

Thanks for the advice.

I''l look through these.

Many thanks. Much appreciated.

Nick

herbiesjp

There are lenders that will look at this for you, but as ever it will depend on your circumstances

Just to give you an idea, did one for someone in Australia recently, but lenders are getting picky with a client in Portugal

Everyones circumstances are different but you should be able to do it, and maybe even get free legal fees and valuations as well.

nickg1980

herbiesjp wrote: »

There are lenders that will look at this for you, but as ever it will depend on your circumstances

Just to give you an idea, did one for someone in Australia recently, but lenders are getting picky with a client in Portugal

Everyones circumstances are different but you should be able to do it, and maybe even get free legal fees and valuations as well.

Thanks for your help. I'll look through carefully.

Many thanks.

Nick

rebs

Hi,

I'm also in the market for an expat type mortgage.

We've not yet gone overseas - current plan is move around the start of June.

Our current mortgage is a combined current account/mortgage so I want to restructure to the cheapest interest only mortgage I can find.

Does anyone have any specific recommendations for a provider that is currently being ok about customers renting out their main residence property and not forcing buy to let deals...

Or would we have to take a specific expat deal?

Thanks in advance...

Rebecca

herbiesjp

HI Rebecca

Strangely enough, by not being an ex-pat just yet, you will have more lenders to choose from

A lot of lenders will not look at ex-pat mortgages if you have already made the move

As ever, with these more complicated scenarios, I would engage the help of a professional and as such a whole of market mortgage adviser

rebs

Thanks for the advice, that's what I was thinking - I should sort this out as soon as possible. I've pretty much decided to use a broker and am getting pretty clear in my head what our requirements are...

One other question - we may (and its only a possibility at this point) have an opportunity to do a house swap with a colleague of my husband's who is coming over to the UK for the same time frame we would be in the US. Any ideas as to how mortgage lenders are likely to view this situation? would they consider it the same as renting, even if no money was changing hands?

Cheers

Rebecca