Expat Holiday Let Mortgages
Any expat mortgage is now a rarer commodity than it once was due to tightening regulation and the exit of Lloyds Bank from the market a few years ago.
Holiday Let Mortgages themselves are quite hard to find, so combine this with an expat borrower, means that a specialist broker is almost certainly be going to be required.
However, they can be found if you know where and how to look.
Ex pat holiday let mortgages tend not to sit ready made on the shelf waiting to be found on a “supermarket” style searching tool like standard buy to let mortgages. Most, if not all, ex pat buy to holiday let mortgages are “made to order” through lenders that only operate through approved Brokers.
Holiday Let Mortgages is an approved Broker for several of these lenders.
Holiday Let Mortgages is a specialist and has relationships built on trust with a few lenders that operate in the ex-pat market so we can do in hours what it may take others weeks. There are certain elements of pre-set mortgage lending criteria for ex-pat holiday let mortgages, however each case is considered on its merits by a lending manager, rather than a computer. The following are examples of typical lender requirements. Individual lenders may have further requirements.
As a rough guide, applicants should:
- reside in a country not subject to sanctions of any kind
- be employed by a company capable of being found on a search
- for the self -employed. The business should be searchable and have three years’ accounts available compiled by a recognised and qualified Accountant
- be in receipt of UK private pension income
- own a UK property (desirable, but not essential)
- must have a UK Bank Account
Property:
- must be fit for purpose at outset
- traditional construction
Deposit:
- up to 75 % LTV for the employed (and certain contractors) and for self-employed ( all subject to rental cover)
- no deposit option for those with other suitable property security available
Loan Purpose:
- purchases and re-mortgages available