The Client
A UK National who had relocated to Australia 4 Years ago. They were existing homeowners and had secured full time employment since moving overseas. They were seeking a UK Mortgage for Expat Living in Australia.
The Scenario
The client was wanting to remortgage their former residential address in the UK onto an Expat Buy to Let Mortgage. The existing UK residential mortgage had been on consent to let however the lender was no longer willing to keep the mortgage running due to the client now being permanently based overseas.
Many lenders who offer Expat Buy to Let Mortgages require the borrower to be employed by a multi-national company, which was not however the case for the individual. The client had advised their preference was to secure a 5 Year fixed rate.
The Solution
After reviewing the current mortgage market to see who was offering the best 5 Year fixed rates for Expat Buy to Let Mortgages, we referred the client’s circumstances onto the lender who at the time, offered the cheapest rate. Their standard criteria were as per above, where employed applicants ideally needed to be employed by multi-national companies, however due to the client working in a respected profession, they were able to accept his employment and subsequently provide a longer term mortgage with a highly competitive 5 Year fixed interest rate.
Summary
Since Brexit, securing Expat Mortgages has certainly become a more difficult task, often normal mortgage Brokers will read the stated criteria and disregard lenders if their clients do not “fit” 100%. That is why it is important to use a Specialist Expat Mortgage Broker, who have mortgage Advisors with vast experience in the Expat mortgage market who are on hand to find the best solution for your Expat mortgage enquiry and will go the extra mile to ensure you are getting the very best advice for even the most complex scenarios.
If you have any questions relating to a Expat Buy to Let Mortgage, contact us today to speak directly with one of our CeMAP certified Mortgage Advisors.
Call us today on +44 1494 622 555. Alternatively, please complete this short online form and an Expat Mortgage Advisor will call you right back.