Property investors from around the world choose to buy property in the UK, to benefit from the housing market that has a long history of proving more profitable than those of other countries. Foreign Investors are able to purchase good value properties and command a profit-generating rental income, by obtaining Expat Buy to Let (BTL) mortgages.
Due to the more complex nature of living and working overseas, many mortgage lenders will not provide Foreign Investors & Expats with BTL mortgages, as they have strict lending criteria regarding currency of salary and the need for having UK credit history. Many lenders also like to avoid handling the increased complexities involved in working across different time zones, with different tax requirements and cross-jurisdictional legal responsibilities.
At Expat Mortgages UK, we have a team of specialist BTL Expat Mortgage Advisors to help you to find the leading deals on the market and to help you to grow your property portfolio in the UK. As a whole-of-market Expat Mortgage Broker for Foreign Investors, we are able to find the most suitable mortgage products to suit your requirements, so whether this is your first BTL property, or one of many, we can access the most suitable Expat BTL mortgage to match your exact criteria.
As well as providing the most comprehensive Foreign & Expat Buy to Let mortgage advice, our market-leading customer service ensures that we stand out from the crowd. We pride ourselves on providing flexible communication channels to suit our clients’ preferences, which is particularly useful when communicating across different time zones.
BTL Mortgages for non-UK residents
If you approach a standard UK mortgage lender to apply for a Buy to Let mortgage as an Expat, you are likely to get your application declined. This is because most lenders’ criteria requires the applicant to be a UK resident and to have recent UK credit history. If you have not lived in the UK for several years, or possibly even ever, then you are not going to match this criteria and the lenders will simply decline your application, regardless of your level of income of good credit history in your country of residence.
Using a specialist Expat & Foreign Investor BTL mortgage team will help you to find the best deals on the market that will be available for your specific circumstances. We have a vast range of lenders that we work with to provide our customers with the best rates available.
Our Expat Buy to Let mortgage team have many years of experience in arranging mortgages for both Expats and foreign nationals, to enable them to build up their property profile or as a one-off Buy to Let property purchase.
Often, investors can capitalise on the low prices of property in the UK but are then held back by not being able to secure a BTL mortgage as an Expat or foreign national. Even when investors have had a BTL application refused from one mortgage lender, using a specialist expat BTL mortgage broker such as Expat Mortgages UK will help you to obtain the mortgage you need to purchase a property in the UK.
Benefits of using a specialist Expat Mortgage Broker
Using a mortgage broker for these types of mortgage applications gives you a number of benefits, including:
- Breaking down complex requirements to easily complete the application.
- Support in working across different time zones and overcoming the problems that this presents.
- Working across different languages through fluent mortgage experts and translation services.
- Help in understanding the exact types of documentation that is required, so there are no unnecessary delays.
- A mortgage broker will liaise with solicitors on your behalf.
- A mortgage broker can take care of many of the time-consuming administration tasks involved in your mortgage application, such as booking valuations.
Why choose Expat Mortgages UK?
We have been working with Expats and foreign nationals for years to help them to find mortgage deals to allow them to buy property to rent out in the UK. Over this time, we have built up a wealth of experience and knowledge of the expat mortgage market and we know exactly what each lender will and won’t take on as a risk.
We use this knowledge to get straight to the lenders that we know are going to be able to work with our client’s requirements and circumstances. This saves our clients a huge amount of work going back and forth between different lenders and potentially getting declined mortgage applications, which usually affect their credit file. Once we have had an initial discussion with our client and collated the relevant details, we can get started on finding the most appropriate deal on the market.
Access to exclusive Expat BTL deals
We are uniquely positioned to offer exclusive deals that are not available directly on either the high street or standard mortgage market. This means that we can find better deals and save you money by identifying the BTL deal that is financially most suitable for you and is based on the specific details of your requirements. For example, we can work out the best deal based on the amount of deposit you have, the length of term you want to take out the mortgage over and all of the other factors that affect the overall cost of the mortgage.
Applicants with no UK credit history
If you reside outside of the UK and have not lived in the UK for a while, one of the barriers to getting a Buy to Let mortgage is that you will have no, or little, UK credit history for the lender to check. Before mortgages are usually approved, one of the key areas of determining whether the application will get approved is the credit history of the applicant.
Someone with bad credit history will represent a bigger risk for lenders, so they are more likely to decline applications for people with a poor credit record. If there is no available credit history to check, the lender does not have a way of checking whether they are a reliable re-payer of debt, so this also represents a risk to the lender.
Using Expat Mortgages UK enables people with no UK credit history to obtain a Buy to Let mortgage by providing other types of evidence to show the mortgage lender that the applicant does not miss loan payments and is not a high risk.
Our innovative WiiN (Where Is It Now) online portal is a unique service that we provide to our clients that ensures they are updated with progress in real-time, with email alerts generated to update clients with key information and stage completion. For busy property investors living outside of the UK, this is a much more efficient way of working, with no need to chase for progress updates or to schedule calls or wait in call centre queues like you would have to with some mortgage lenders.
Expat mortgage expertise
When you are applying for a mortgage in a different country to where you are living, there are many additional complications compared to applying for a mortgage in the country that you reside in. For example, there may be different languages that need to be translated e.g. your documents are in Spanish, but you are applying to a lender in the UK where English is the main language used. A specialist mortgage broker like ourselves can ensure that communications go smoothly and even details like legal requirements are accurately translated.
Faster mortgage applications and property completion
Working with a specialist mortgage broker who has extensive experience in arranging Buy to Let mortgages for Expats and foreign investors can considerably reduce the length of time that it takes to find a good mortgage deal, complete the application and purchase the property. When applications take a long time, this can often result in additional costs to the buyer, for example, they could miss out on a month or two of rent payments, or they could lose a contractor that they usually work with. They might even miss out on a property, which could have been found at a great price through an auction or another type of great property deal that does not come around very often.
Expat Mortgages UK understands all of the financial implications of delays and will work around the clock to ensure that the mortgage application goes as smoothly and quickly as possible. We have been working with foreign property investors for years and have in-depth knowledge of the requirements and process for obtaining a Buy to Let mortgage in the UK market.
As well as being available to answer questions about the mortgage application over the telephone, our WiiN system provides real-time updates regarding the mortgage application, the progress through tasks and any outstanding requirements. This information is made available immediately to mortgage applicants and they can access the updates at any time of the day, which is an ideal solution when working across different time zones.
If you would like to discuss your Buy to Let mortgage plans, Expat Mortgages UK are happy to get started on finding you the best expat BTL mortgage deal on the market.
Call our team of experts today on +44 1494 622 555 and we will gather all of the information we need and start analysing the expat BTL market to find the most suitable mortgage available.
Alternatively send us a message via our secure web form by Clicking Here and one of our Specialist Mortgage Advisors will call you back to swiftly to discuss your exact requirements and provide you with a free quotation.