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Expat Buy To Let Mortgages.
Whether you've decided to extend your buy to let portfolio, or simply looking to buy a property to
let until you return to the UK, we can help you find the right
mortgage.
In general most lenders will assess buy to let mortgage
applications based on either rental income projections or an
applicants own personal income when determining borrowing
limits. A limited number of lenders will consider both
rental and personal income when assessing a case.
the table below can be used to give you a good
idea of the maximum Loan To Value (LTV) available if you're considering
purchasing a buy to let property in the UK.
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Employment
status |
Max LTV |
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|
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Employed |
80% |
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|
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Employed with Multi-National Company |
85% |
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Buy
to Let Mortgages and UK Mortgage regulation.
UK Expatriate mortgages are regulated if more than 40% of the property
being purchased will be occupied by the purchaser or a member of the
purchaser's immediate family. Mortgage Regulation also applies to "buy to
let" property if you or your family have an intention to return to
live in more than 40% of the property at some time in the future. Most other
buy to let mortgages will not be regulated by the FSA.
Even when mortgages fall outside regulation parameters it is prudent to use
the Annual Percentage Rate (APR) when comparing mortgage products. The APR
is more significant than the mortgage interest rate alone as the APR will
indicate the true cost of the mortgage including start up costs and any
lenders fees. For example, costs and fees may be higher for mortgages with
low interest rates and no early repayment charges. Early repayment charges
are often applied if you decide to switch to a different lender in the
future.
Your property may be repossessed if you do not keep up
repayments on your mortgages.
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