How to get buy to let mortgage finance as a non UK resident

01-June-2017

01-June-2017 11:13

in International

by Jennifer Stevenson

Whether you are a British ex-pat or a foreign national looking to invest in the UK rental market, finding competitive buy to let mortgage finance can be a challenge.

Where to get a UK buy to let mortgage from abroad

UK high street banks and building societies will normally only lend to permanent UK residents. However, there are a range of private banks and other lenders who offer more flexible lending criteria ideal for ex-pats and non UK citizens residing outside of the UK.

These kinds of lenders are normally only available via finance brokers. Using a whole of market finance broker means you can get access to the very best deals available.

How much can a non-UK resident borrow with a buy to let mortgage?

How much you can borrow will really depend on your personal circumstances and where you are currently resident.

Private banks and lenders when assessing your requirements will often look at your existing assets and the structure of your income and will not usually be put off by income in a foreign currency. This means when it comes to affordability checks, a private lender will generally be much more flexible.

It is also worth noting that, unlike with a UK high street bank buy to let mortgage, the amount you can borrow may not be entirely dependent on the projected rental income of the property. Whereas standard mortgage lenders will want the month rental income to exceed the interest by around 25-45%, private lenders will often be willing to take into account your other income as well.

One thing to bear in mind is that many private lenders will want borrowers from abroad to put down a deposit of at least 25%, although this will depend on the lender and your exact borrowing requirements.

Next steps

Clifton Private Finance is highly experienced in finding buy to let finance for those living outside of the UK and offers a fast, friendly and professional service. Our brokers understand the needs of high net worth individuals looking to invest in the UK rental market and can offer an appropriately tailored service.

We have established links with private buy to let mortgage lenders. Please contact us to discuss your borrowing needs and we will be happy to take you through your options.