Returning Ex Pat

Posted on 16 November 2010 by chris oakes

I have a £160000 house with a £62,000 Buy to Let mortgage.  I am looking to return to the UK and buy a house with a residential mortgage of about £150000, taking into account the remortgage of my first property up to £110000.  Is this feasible?



This is most certainly feasible, but as always will depend on your personal circumstances and meeting the Lender's criteria.


The first place to start would be with your existing BTL Lender.  You need to see whether or not they are comfortable increasing the size of your mortgage whilst you are out of the country and that your rental income meets their requirements.  This will probably be the cheapest way to raise the deposit and will avoid any potential Early Repayment Charges, but you should also explore the options available to you in the remortgage market.


As far as the residential mortgage is concerned some Lenders will have a problem with you not currently being in the country.  A few will be afraid that you don't intend to return to the property and are looking for a cheap BTL rate, others will not be able to carry out credit searches and will feel uncomfortable making a decision without this information.  Fortunately, there are more enlightened Lenders who will look at your current circumstances, future employment in the UK, the property being offered as security and be able to make an decision based on sound underwriting.


I recommend that you speak to an independent mortgage broker with access to both the Home and Offshore mortgage markets.



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