Client
A British couple who moved from Surrey to Boston nine years ago. Their two children have since settled into American life, progressing through US schools and now universities. Before relocating, the couple owned a three-bed family home in Surrey, which they kept and rented out after moving abroad, and they came to us for a buy-to-let remortgage for expats in the US.
Background
When they first left the UK, they arranged “consent to let” with their original lender so the property could be rented out while they adjusted to life in the United States. This arrangement worked well for several years, but the consent period had now expired, prompting them to look into a remortgage option for US-based expats.
With no plans to return to the UK in the near future, the couple wanted to keep the property as a long-term rental investment. They needed to switch away from their residential mortgage and onto a proper buy-to-let product that would allow them to continue letting the home legally and on the right terms. As British expats earning in USD, they required a lender offering a UK mortgage for expats in the US and one familiar with providing mortgages for British expats more broadly.
Requirement
- Replace their residential mortgage (with expired consent to let)
- Move onto a buy-to-let mortgage for expat landlords
- Use rental income to cover mortgage costs
- Work with a lender willing to accept their US-based income and non-UK residency
Challenges
A number of mainstream lenders would not consider the case due to the couple living abroad and earning in US dollars. In addition, buy-to-let affordability rules meant the rental income needed to meet the lender’s stress-testing requirements. Only a limited pool of lenders is set up to work with expats in the US, so finding the right match was essential.
Solution
We carried out a full review of their circumstances, including their US income, UK rental history and the property’s current value. From there, we approached a specialist expat lender who regularly works with mortgages for British expats and is comfortable assessing USD income.
We put forward a buy-to-let remortgage at around 70% loan-to-value, structured on an interest-only basis to maintain positive rental cashflow. All paperwork – including proof of income, tenancy details and ID – was packaged and submitted in a format suited to expat underwriting.
Outcome
The expat remortgage completed without any complications. The couple are now on a straightforward buy-to-let deal that actually matches how they use the property, and they can continue renting it out without worrying about their old consent-to-let arrangement expiring. The rent easily covers the payments, so the property now runs itself without any issues. If you’re weighing up a similar remortgage, our expat mortgage calculator gives an instant estimate of what you could borrow.
Summary
This case shows that a buy-to-let remortgage for expats in the US doesn’t need to be difficult. Even with USD income and years of living abroad, British expats can still secure the right finance as long as the lender is comfortable with their situation and the application is put together properly.
Key Point
For anyone looking at mortgages for British expats, it really comes down to using lenders who understand how expat cases work. With the right match, moving from an old residential mortgage to a proper buy-to-let setup is a simple and sensible fix.
Frequently Asked Questions
Can I get a buy-to-let remortgage for expats in the US?
Yes, and it’s a common move once consent to let has expired.
Specialist expat lenders will assess USD income and switch you onto a proper buy-to-let product, provided the rental income meets their stress-testing requirements.
What happens when consent to let expires while I'm living abroad?
You’ll need to move onto a full buy-to-let mortgage rather than continue on the residential deal.
Letting a property on an expired consent to let arrangement isn’t compliant with most lenders’ terms, so switching to the right product early avoids complications.
Do UK lenders accept USD income for a buy-to-let remortgage?
Some do, provided the income and employment are presented correctly.
A specialist expat lender familiar with US-based applicants will assess USD income directly rather than treating it as a barrier.
How is rental income assessed for an expat buy-to-let mortgage?
Lenders stress-test the rental income against their own assumed rate, not the rate you’re offered.
The rent needs to comfortably cover the mortgage payment under that stress test, which is why an interest-only structure is often used to maximise cashflow.
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
- UK mortgage on USD income – How lenders assess US dollar earnings for a UK mortgage.
- expat mortgage case studies – Real examples of expat and foreign national UK mortgage completions.
- expat mortgage income requirements – The income evidence expat lenders typically expect.
- currency haircuts explained – Why lenders discount foreign-currency income and how it affects borrowing.
- expat buy-to-let purchase case study – A US-based expat securing a fast buy-to-let offer in London.