Ask the experts
About our experts...
At John Charcol, we are constantly asked for advice by borrowers on what they should do when it comes to mortgages. As such, we created this section so that you can submit your questions to our experts. The answers are provided by a number of people who have years of experience in the mortgage market. The team is led by Peter Woodward who spent his formative years as an underwriter with one of the major UK lenders and the last 10 years in our Technical Department along side Ray.
So please do submit your question and we will do all we can to answer it as quickly as possible
Please be aware that these answers can only be generic and no personal recommendations can be made.
Posted on 15/04/2010
I would like to purchase a property in the UK for £200k paying a deposit of circa £80k and the rest on mortgage. I work in Moscow at British International school as a Maths teacher. I intend to return to UK to live and work in the near future. I'm paid in Euros into the Bank of Cyprus in Euros which are then paid into Barclays bank in GBP. Where can I get a mortgage?
Categories: Ex-pats mortgaging in the UK
Posted on 05/04/2010
I purchased a property around 5.5 years ago for £150k, of which I have remaining mortgage of £92k and 19.5yrs left. It is a repayment mortgage with monthly payments of around £520. I suspect there has been little change in the value of my property, although it may possibly be nearer to £160k.
2 years ago I moved to the States, so the property is now rented out for £700per month before management fees (£615 p/m after fees) and maintanace. (approx £1,100 per annum).
I am now thinking about my next financial decision and purchasing a second property to let is a tempting idea.
If I remortgage my current property for the maximum amount, how much cash could I free up?
If I just used this cash as my deposit on a second buy-to-let property, what would be the maximum value of this property?
Are there any restrictions I need to be aware of living abroad? I am a legal UK citizen, although I have no plans to live in the UK again.
Many thanks for any help you can provide, I expect I will reach out to one of your brokers once I have decided what to do!
David
Categories: Ex-pats mortgaging in the UK
Posted on 05/04/2010
I am an expat living in Brusselss as a non resident, working for an international company. I rented out our family home in the UK and now my mortgage is at the end of its five year fixed rate. Do I need to take a BTL mortgage or are there any other mortgage options available to my situation?
Categories: Ex-pats mortgaging in the UK, Special circumstances
Posted on 31/03/2010
I'm an expat and am planning my return to the UK. I want to self-build and thus need a mortgage to do so. I will permanenetly relocate when the house is completed and it'll be my main residence. Can I get a mortgage to do this?
Categories: Ex-pats mortgaging in the UK, Self-build
Posted on 27/03/2010
My mother (ex pat) wants to buy a flat in the UK . She intends paying cash . Is this possible? The flat would not be let, but would be used by her approx 3months per year. Any advice would be greatly appreciated.
Categories: Ex-pats mortgaging in the UK
Posted on 23/03/2010
In 2005 I bought a property in the UK but now live in Singapore and the property is rented out. I put a 50k deposit down and took a mortgage of 120k. I estimate that the house is now work 20-30k more now than when I bought it.
My question is this. I'd like to pull about 35k from the property to pay off all outstanding UK debts. Can I do this while I don't live in the country? My salary is UK equivalent of around 60k PA.
Categories: Consolidation of debts, Ex-pats mortgaging in the UK, Special circumstances
Posted on 11/06/2009
I'm currently an expat facing retirement next spring, and want to obtain a mortgage on a UK property to live in. Can you advise how this can be accomplished, ie. can your company help.
Categories: Ex-pats mortgaging in the UK
Posted on 14/03/2009
Having left the UK to live and work in Canada in 2006, the mortgage on our old UK main residence in the UK is due for renewal later this year. the house has been succesfully rented since we left, but we are unsure if we can remortgage it reasonably. (LTV required is around 35%)
I assume you are an expat rather than a non British citizen and in this case a remortgage should be feasible, particularly as your LTV is so low. A few lenders will offer a mortgage in your situation but I suggest you also ask your current lender what they will offer. Once you know what, if anything, is on offer from your current lender I suggest you call us or email with more details and we can then give you more specific advice.
Categories: Buy-to-let, Ex-pats mortgaging in the UK, Remortgaging
Posted on 12/02/2009
I am currently living overseas due to work commitments and this is likely to continue for the forseeable future. Currently we own a flat in the UK in my wife's name which we lived in before we left. We are now looking to buy a second, larger property in the UK and I am unsure of whether this falls under a buy-to-let arrangement or, if the mortgage was in my name, first time buyer. Could you let me know and whether living overseas will affect our ability to utilise a UK based lender.
Many thanks
I assume you be letting the property initially, even if it is your intention to reside in it when you eventually return to the UK. Therefore a Buy to Let mortgage would certainly be an option, and although most lenders won’t lend to expats there are some who will.
There are also a few lenders who will offer a mortgage to expats on residential rates on certain conditions, one of which is that it is your only UK property and it is your intention to live in it when you return to the UK, although renting it out until then is perfectly acceptable. To qualify on this basis the property would obviously have to be purchased in your sole name as your wife owns a property. Another requirement to qualify for residential rates is that you are employed by a multi national company, a Government or a public sector body.
I suggest you call us on 020 7611 7000 to discuss your situation and options in more detail.
Categories: Buy-to-let, Ex-pats mortgaging in the UK, Second properties, Special circumstances
Posted on 19/12/2007
I am coming to the end of my fixed rate (March 2008) but my home is under permission to let as I am out of the country for a year working in Bermuda. I would like to re-mortgage. Do I need to switch to buy to let if it is my only residence and I will be moving back into it at the end of my fixed term contract? Will any banks consider a residential mortgage?
Categories: Ex-pats mortgaging in the UK
Posted on 24/09/2007
British Citizen living overseas , I need a buy to let mortgage, please advise if this possible.
Categories: Ex-pats mortgaging in the UK
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not neccessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.