Expat Buy to Let Mortgages are a rare thing indeed and have not widely available since the exit of Lloyds from the market a few years ago.
One of the main reasons that ex-pat mortgages are difficult to find is that they don’t sit on the shelf waiting to be picked off like standard mainstream mortgage products. Most are “made to order” making them harder to locate, but more flexible lending criteria makes them more suited for the expat situation.
Enhanced Wealth Ltd is a company that has for many years specialised in complex buy to let mortgages and we know which underwriters to approach to achieve the best result for our potential new and existing customers.
Lending criteria for ex-pat buy to let mortgages is very much bespoke and each borrower will be considered individually. The following are examples of typical lender requirements. Individual lenders may have further requirements.
- Must reside in a country not subject to sanctions of any kind
- Employed – multi-national company is ideal, not essential
- Own a UK property desirable, but not essential
- Must have a UK Bank Account
- Income/Expenditure/Assets/Liabilities should be good enough to make an underwriter comfortable in the ability of the borrower to manage their financial lives effectively
- Portfolio holders acceptable subject to overall financials
- must be able to produce rent quickly
- traditional construction
- Available for standard buy to let’s, HMO’s, Multiple units on one title and commercial properties
- up to 75 % LTV subject to debt service coverage ratio
- no ‘cash-in’ option for those with other suitable property security available
- purchases and re-mortgages available
- second charges