It is quite common place for a number of UK residents to move abroad and for a variety of reasons, whether this be through choice when retiring or as for many, work related. These expats may then either wish to maintain their current residential property to rent or possibly look to purchase a property for their own intended use for when they return. Regardless of the reason for their property ownership there is the possibility that an expat Buy to Let Mortgage will be required. The good news is that there are lenders in the market that are able to cater for these applicants.
As possibly expected, due to the perceived extra risk that a lender is taking on when lending to an expat for a property in the UK, many mortgage providers will simply not entertain this type of lending and those that do will likely impose much tighter underwriting. Certainly, working for a globally recognised employer will assist, but is by no means a necessity and do expect to require a decent sized deposit, or have a good amount of equity to qualify. Many lenders will insist on a minimum 25%.
Buy to Let Mortgages for expats is a specialist area of lending and one where mortgage providers tend to apply an individual approach to their underwriting. It is therefore recommended that you seek professional mortgage advice from an adviser who understands this sector to ensure you get the correct information for your specific circumstances.
One final point to raise is in regard to expats in Australia. Due to a treaty between the British and Australian Governments effectively banning lending between each country’s residents, it is much more restrictive for Brits Down Under to secure a mortgage.