The Client:
Our clients are British Expats currently living in the US and looking to purchase a flat on a Buy-to-Let basis in London. The client came to us having previously instructed another Mortgage Broker for the same application, as the other broker was moving at a too slow a pace. This caused the vendor to become anxious and potentially could’ve resulted in the deal being lost due to pace at which the London market was moving.
The Scenario:
We were able to provide the client with quotes for some excellent expat mortgage rates within the same day and we were ready to submit a full mortgage application in 24 hours. The client was putting in deposit, some from savings and the remainder from a remortgage on their existing flat that they own in London.
The Solution:
We were able to submit the applications for both the properties within 24 hours and were able to achieve a mortgage offer on the Expat Buy to Let mortgage within 3 weeks of the application being submitted. This was an excellent outcome as Expat mortgages typically tend to take a bit longer due to difficult Underwriting process, time differences and the logistical challenges in different countries.
The expat client was extremely happy with the outcome and within the timescales it took from her initial Mortgage Broker to reply, we had already achieved a mortgage offer for them.
We work with the client’s expectations all the time and can achieve excellent outcomes in record times. This is due to our excellent Customer Service and Case Management platform (WiiN) which provides real-time updates for clients 24/7/365 and their overcomes time zone issues. Additionally, the fact that our clients can speak to their Dedicated Mortgage Advisor and Dedicated Case manager from application to completion, which saves them hours speaking to different people each time who are unfamiliar of the status of the case etc. This helps take the jargon out of the applications and helps us give our clients a very personal and efficient approach.
Key points to consider for UK mortgages for british expats:
- Income in a foreign currency.
- Interest rates are higher for Expat Mortgages.
- Lender’s arrangement fees are usually a percentage of the loan rather than a flat fee.
- Loan to Values can be restricted.
- Check to see what credit footprint they still have in the UK – will need an active UK bank account.
- Certain countries will not be accepted by lenders.
- Certain foreign currencies will not be accepted by mortgage lenders, usually if the currency is volatile.
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.