Expat mortgage finance for buying a buy to let property in the UK

10-May-2017 16:38
in International
by Jennifer Stevenson

Buy-to-let property can be an attractive investment proposition for UK ex-pats.

It can also be a useful way to secure a property if you are planning on moving back to the UK in the future, or want to earn a return on a property you already own while you are abroad.

Many high street banks will not consider ex-pats for a buy-to-let mortgage, so it is sensible to use a specialist finance broker to source funding solutions.

How to find an ex-pat buy-to-let mortgage

Although some high street lenders do offer ex-pat buy-to-let mortgages, this tends to be through specialist subsidiaries. Most buy-to-let mortgages for non-UK residents are instead provided by private banks and lenders.

To access these kinds of lenders, you will normally need to apply through an intermediary. This is because most private lenders do not deal directly with the public.

An independent mortgage broker with whole of market access will be able to advise you which lenders are likely to offer the best rates to match your borrowing needs and personal circumstances. They should then be able to find you the best rates and fees currently available on the market.

Remortgaging to an ex-pat buy-to-let mortgage

If you are moving abroad and wish to keep your UK home, you may want to rent it out until you return. You cannot do this if you have a normal residential mortgage on the property, so you will need to remortgage to a buy-to-let mortgage (or let-to-buy mortgage) aimed at ex-pats.

Although your current lender may allow you to switch to a buy-to-let mortgage, because you will be an ex-pat you may need to consider a remortgaging to a lender who specialises in ex-pat mortgages. 

Interest rates for ex-pat BTL mortgages

When looking at buy-to-let mortgage rates as an ex-pat, it is important to understand that you will be unlikely to receive the headline interest rate advertised on mortgage products from most standard high street lenders. This does not mean however that you will not be able to get a competitive deal.

Many UK mortgage lenders will not consider ex-pat borrowers and those that do are likely to charge a premium for non-UK residents. If you are an ex-pat you are likely to get a better mortgage deal from a private lender who specialises in lending to non-UK residents and who will look at your individual circumstances to determine a fair interest rate.

To obtain the best possible interest rate as an ex-pat, it is highly advisable to use an independent mortgage broker with whole of market access who has experience dealing with ex-pats. Such a broker should have established links with appropriate private lenders, allowing you to quickly access the best available rates on your buy-to-let mortgage.

Find ex-pat mortgage finance for UK buy-to-let property

Clifton Private Finance is an independent mortgage broker with whole of market access offering a specialist service for ex-pat buy-to-let mortgage borrowers. We have contacts with all the leading ex-pat property finance lenders, so can quickly find you the best mortgage rates currently available.

Looking for an ex-pat mortgage for a UK buy-to-let property? Call us on 0117 959 5094 or use our simple contact form to get in touch.