Client
British expats living in the US looking to purchase a flat on a buy-to-let basis in London. They came to us having previously instructed another mortgage broker for the same application, as the other broker was moving too slowly. This had caused the vendor to become anxious and could potentially have resulted in the deal being lost, given the pace at which the London market was moving.
Background
The clients were putting in a deposit, part from savings and the remainder from a remortgage on an existing flat they already own in London – and they wished us to take care of that remortgage as well. Speed was the priority: their initial broker had stalled to the point of putting the purchase at risk, so they needed an adviser who could move quickly across two applications at once.
Requirement
- Purchase a London flat on an expat buy-to-let basis
- Remortgage an existing London flat to fund part of the deposit
- Move quickly to reassure an anxious vendor and protect the deal
- Handle both applications together with a single point of contact
Challenges
Expat mortgages typically take a little longer than standard cases due to a more difficult underwriting process, time differences, and the logistical challenges of dealing across different countries. With the vendor already anxious after the previous broker’s delays and the London market moving fast, the case needed to be turned around at a pace well beyond the norm for expat lending, across two linked applications rather than one.
Solution
We were able to provide the clients with quotes for some excellent expat mortgage rates within the same day, and were ready to submit a full mortgage application within 24 hours. We submitted the applications for both properties within that window and achieved a mortgage offer on the expat buy to let mortgage within three weeks of submission. Within the timescale it had taken their initial broker simply to reply, we had already secured a mortgage offer for them.
This is down to our customer service and case management platform (WiiN), which provides real-time updates for clients around the clock and overcomes time-zone issues. Our clients also speak to a dedicated mortgage adviser and dedicated case manager from application to completion, saving them hours that would otherwise be spent speaking to different people unfamiliar with the status of the case.
Outcome
Both applications completed, with a mortgage offer on the London buy-to-let secured within three weeks and the linked remortgage handled alongside it. The clients were extremely happy with the outcome, and the vendor’s confidence was restored in time to keep the deal on track. For an idea of what you could borrow in a similar scenario, our expat mortgage calculator gives an instant estimate.
Summary
In a fast-moving market, the speed a broker can work at is often as important as the rate itself – a slow application can put an otherwise sound purchase at risk. A specialist expat broker set up for round-the-clock, time-zone-friendly case management can achieve excellent outcomes in record time – browse our other expat mortgage case studies for similar examples.
Key Point
Key points to consider for UK mortgages for British expats:
- Income in a foreign currency.
- Interest rates are higher for expat mortgages.
- Lender arrangement fees are usually a percentage of the loan rather than a flat fee.
- Loan-to-values can be restricted.
- Check what credit footprint you still hold in the UK – an active UK bank account will be needed.
- Certain countries will not be accepted by lenders.
- Certain foreign currencies will not be accepted by lenders, usually where the currency is volatile.
Frequently Asked Questions
How quickly can a US-based expat get a UK buy-to-let mortgage offer?
Faster than many expect with the right broker.
In this case we quoted the same day, applied within 24 hours, and secured a mortgage offer within three weeks, despite expat cases usually taking longer.
Can I use a remortgage on an existing property to fund my deposit?
Yes, releasing equity from a property you already own is a common deposit source.
Both applications can be run together so the remortgage funds are ready in time for the purchase.
Why do expat mortgages usually take longer than standard cases?
Underwriting is more involved, and time zones add friction.
Dealing across different countries brings logistical challenges that a specialist broker is set up to manage efficiently.
Will I deal with the same person throughout my expat mortgage?
Yes, you get a dedicated adviser and case manager from application to completion.
This avoids repeating your situation to different people and keeps the process moving across time zones.
If you have any questions relating to an expat buy to let mortgage, contact us today to speak directly with one of our CeMAP certified Mortgage Advisors.
Expat Mortgages UK is a specialist broker directly authorised and regulated by the Financial Conduct Authority. We work exclusively with expats and foreign nationals buying UK property with overseas income. Your home may be repossessed if you do not keep up repayments on your mortgage.
Call: +44 1494 622 555 Email: info@expatmortgages-uk.com
Related Pages
- buy-to-let mortgages for US-based expats – How lenders assess buy-to-let applications from British expats in the US.
- expat remortgages – Releasing equity or switching rate on a UK property you already own from overseas.
- expat mortgage application guide – The documents, timeline, and steps involved in getting an expat mortgage approved.
- currency haircuts explained – Why lenders discount foreign-currency income and how it affects borrowing.
- expat mortgage case studies – Real examples of expat and foreign national UK mortgage completions.