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Buy to let mortgage for non Uk resident?

clippy_girl
clippy_girl Posts: 2,283 Forumite
Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
in Mortgages & endowments
Hi all :wave:

I currently have a house in the Uk which I live in on a residential mortgage.

I am currently considering moving to New Zealand and would like to keep my house and rent it out (Auckland property prices are :eek::eek:)

Can anyone point me in the direction of where I can find info on buy to let mortgages that would be suitable please as I am aware most are only open to Uk residents. Google has brought up a few agencies/brokers but no info on products. I would just like to have a quick a quick look to see if it seems possible,

My house is worth around £185k with £110k outstanding and I can probably charge around £7-750 rent pm

Thanks :D
:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j

Comments

  • amnblog
    amnblog Posts: 12,781 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Use a a Broker. This is not a case to sort yourself.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    Research becoming a landlord - if you still think you want to then speak to a broker....or an Estate Agent and sell it.

    If I was moving all the way around the world I would not want the worry of being a landlord and rather have £70,000 in the bank for the new life.
  • Brock_and_Roll
    Brock_and_Roll Posts: 1,207 Forumite
    Part of the Furniture 1,000 Posts
    Based on a rent of £750pm and a value of £185k, that is a GROSS yield of just 5%.

    If you factor in the costs of a managing agent, void, repairs and renewals etc then the rate of return is going to be small...but with the added headache of trying to run a business from the other side of the world, filling in UK tax return etc..

    Frankly, unless you are expecting some serious house price growth in excess of inflation, the only sensible decision is to sell up, bank the cash and put it to good use in NZ !

    Good luck!
  • haras_nosirrah
    haras_nosirrah Posts: 2,208 Forumite
    It is possible and I have done this for a few clients. Make sure that the figures work out
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • clippy_girl
    clippy_girl Posts: 2,283 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
    Thanks all. I will definitely be using a broker to search/apply but it's more to get an idea how feasible it is before I pay the fees.

    I don't want to sell my house as I cannot afford to buy in Auckland so would rather keep my Uk house to rent it out so when I retire I can either supplement my pensions with the rent to live off or if I leave Auckland could sell it and use the proceeds to buy somewhere cheaper in nz.

    I don't need the equity in the house to live off in nz as I will earn enough to rent and live there. I'm not looking for Short term return so as long as the rent covers the expenses with a little extra for a buffer I'm not too concerned. I am aware of landlords obligations etc and family have a couple of buy to let's who can help me ensure everything is sorted. I already fill in a tax return so it's not much of an issue and I will still have a uk address.

    If it's not feasible at all to keep the Uk house then I can co sided purchasing in a cheaper area of nz once I'm a resident and rent that out.

    Thanks :)
    :j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j
  • csgohan4
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    BTL are no longer a cashcow and indeed are a headache


    https://forums.moneysavingexpert.com/discussion/5983050/taking-tenant-to-small-claims-court


    https://forums.moneysavingexpert.com/discussion/5956212/need-advice-after-evicted-a-tenant


    https://forums.moneysavingexpert.com/discussion/5896992/evicting-tenants-via-court-and-bailiffs


    Are you going to be around when you need to take them to a small claims court?


    how about if the Agent fails to protect their deposit or upkeep the property, it will still be your responsibility not theirs as the LL
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
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