Buy-to-Let-Mortgages for Expats

Criteria for any expat buy to let mortgage can and does vary from one lender to another even when looking at a standard residential property purchase for your own occupation. Bring in the added potential complication of an applicant looking for an expat Buy to Let Mortgage and this varying criteria can seem to take on a life of its own.

Such is the varying criteria for this type of specialist lending between those lenders that offer these products it is impossible to cover all within this content. Elements such as the following can all have an impact and the view on each can and does vary from lender to lender:

• What country do you reside in?
• What currency are you paid in?
• What is your longer term plan for the property i.e. is it intended to be your own residence when you return to the UK?
• How much deposit do you have? – typically you will need a 25% deposit for a buy to let

Due to the limited nature of financial history a lender will have at their fingertips i.e. a credit history or a record of you on an electoral register, they do expect a slightly more vigorous approach to their underwriting. However, using an experienced mortgage broker can make this journey a much easier one so please do contact us here at Just Mortgage Brokers and one of our advisors will look to assist.

One important aspect for any borrower to consider is what rate of interest are they going to be charged for the loan. Finding the right expat buy-to-let mortgage rates can sometimes feel like an extremely difficult up-hill struggle as although the choices arguably come with slim pickings very few search engines or web sites cater for this small sector of the market.

The rates offered by lenders for expat buy to let loans are typically priced differently to their standard buy to let counterparts, where the perceived additional risk is usually offset by the rates being priced slightly higher and on occasion also with higher arrangement fees.

One constant that tends to run through the industry regardless of the type of mortgage being applied for, is in respect to the size of your deposit or the amount of equity you may have. Invariably the bigger the deposit or amount of equity the lower the interest rate available.

Your choice of rates may also be dictated by which lenders offer expat buy to let mortgages that meet your criteria. Again, this can vary from one to another and you may find that if you are restricted in the availability of lenders, this in turn, will have the same effect on the rate. Added to this however, is that if you may be in a position of restricted choice does not necessarily mean you have inferior choice. By carrying out your research wisely or perhaps using a Mortgage Advisor who is familiar with this sector, you should still be able to locate and arrange your mortgage on the scheme that is most appropriate to your needs.

We are frequently asked, who are the best lenders for expat buy-to-let mortgages. Although the number of lenders who offer this type of mortgage is very limited, each and every one will have its own set of criteria and in turn their own portfolio of products making these questions virtually impossible to answer without knowing the full details of the applicant the question relates to.

Certainly, with a vastly limited number of lenders being available offering this type of mortgage, finding the best lender for an individual could be perceived as much simpler than a standard buy to let enquiry. Although the choice is less, the varying criteria for each is one aspect that perhaps differs in a greater degree than any other mortgage. Simple things such as which country you reside in or what currency you are paid in can have an influence over your possible choice. Also, aspects such as your longer-term plans with the property i.e. do you intend to use it for your own personal use when you return to the UK can, and likely will, play its part.

Ultimately the right lender is the one that you meet the necessary criteria for at the time and that offers you the most appropriate solution to your borrowing needs. Finding this is the challenge and here at Just Mortgage Brokers we have advisors who understand this sector of the market and are on hand to assist you in this quest. Drop us a line today for a no obligation discussion.