I’m occasionally contacted by ex-pats who very often want to find a buy to let mortgage which they can use to buy an investment property in the UK whilst they are a resident abroad.
Now as far as I know and I’m not an expert, I’m not a mortgage broker, but there are not very many products which are geared towards ex-pats. But I recently came across, via the help of my very good mortgage broker, a product which if you’re an ex-pat you may well be interested in because it is exactly that, it is a buy to let mortgage aimed at ex-pats, so let me give you the headline terms.
Well, to start with there’s a two-year fixed-rate version and there’s a five-year fixed-rate version, and both are available as 70% loan to value or 75% loan to value. So let me give you an idea of what the rates will be under all those different options and I’ll put them up here as well (see video) so you can see them and refer to them as I talk you through it.
So, for the two-year fixed the 70% version is at 3.39% and the 75% loan to value version is at 3.54%. For the five-year fixed the 70% loan to value version is at 3.59% and the 75% loan to value version is at 3.84%. And for this particular product at this moment in time, there’s a product fee payable to the lender which is 1.5% or £795 whichever is the lower. In other words there’s a minimum fee of £795.
So if you’re an expat thinking about buying buy to lets or if you’re actively buying buy to lets in the UK and you’d like to know more about this product if you think it could help you and you’d like me to put you in touch with my very good mortgage broker then please email me thepropertyteacher@gmail.com and I’ll be very happy to do so.
Now, just to say, and I’ve said this in many of my other videos that I don’t mind if you don’t use my mortgage broker. My key concern is that you do use a mortgage broker because there are so many different buy to lets out there, so many different buy to let products, it’s a very confusing market, and unless you’re full-time in the business like a mortgage broker then you’re going to be overwhelmed trying to find exactly the right product for you, and that is the job of the mortgage broker. And most, if not all, lenders want you to apply through an intermediary anyway so that you do get the right product and so that there’s no comeback on them if you end up getting the wrong product.
Now, I don’t mind if it’s your broker, use your broker if you want, but if you want to use my broker then just to be completely transparent if you do business with my broker then I will get a small commission. This doesn’t really affect you because as far as I know, he’s not charging any extra on top because I introduce you to him. He just gives me a little bit of a share of what he gets.
Anyway, if you’d like me to put you in touch then email me and I’ll be very happy to make the introduction.
peter@thepropertyteacher.co.uk
Peter
Peter Jones
(ex) Chartered Surveyor, author and property investor
https://www.ThePropertyTeacher.co.uk
PS. By the way, I’ve rewritten and updated my best-selling e-book, The Successful Property Investor’s Strategy Workshop, which is an account of how I put together my multi-property portfolio, starting from scratch and with no money of my own, and how you can do the same.
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