ExPat Mortgages - Frequently Asked Questions

  • 1. What is the maximum age I can take out a mortgage?
    With new lenders entering the market and existing ones adjusting their mortgage products inline with a longer working life into retirement, the maximum ages can change from lender to lender. Currently we do work with Buy to Let lenders that will allow up to 85 years old (at the end of the mortgage term), although each case is assessed individually.
  • 2. If I already have a Buy to Let mortgage, will this affect me?

    This will depend on the lender and their general criteria. In the main, lenders will want to see that any Buy to Lets are covered by the rental income achieved. Some lenders may allow you to have an unlimited portfolio with a number of lenders, whilst others may restrict depending on the situation and loan exposures.

  • 3. How long can an application take?

    This will generally depend on the lender and your circumstances. Having all the necessary documents together combined with a lender that has a fast underwriting process, could mean that we could take a mortgage application from start to finish within weeks. External influences such as solicitors and property valuers could also alter the mortgage completion time.

  • 4. Would Credit Score affect my application?
    Some lenders will use a computer based credit scoring system to base their lending decisions from. However a number of lenders on our panel will manually assess each applicant with a manual credit search. This allows the lender to judge each case uniquely and on its own merits. An example of where this helps: If you have had a dispute with a phone contract company and they have labelled you as not keeping up with payments or missed a few, this will affect your credit score even if the amounts are very low. Our manual assessment lenders will look at this and use common sense to judge the applicants profile, not just via a computer decisioning system.
  • 5. Does the region I live in impact my mortgage application?
    Some lenders will not lend to borrowers residing in certain countries around the world due to regulatory and economic influences. To discuss the full range of countries our lenders will accept, please get in contact.
  • 6. Can one of my UK based family live in the BTL?

    No, not with a Buy to Let mortgage. However, we do have a small number of lenders who will consider on a residential basis. As with all finance, this will be subject to the lenders criteria and regulatory circumstances to allow this to be accepted.

  • 7. Can the fees from the lender be added to the mortgage payments?

    Yes, generally a majority of our lenders will allow you to add the lenders arrangement fees to the mortgage loan. Although this will change from lender to lender. Please get in contact to discuss.

  • 8. Will the property need a certain level of rental return?

    Yes, as part of the lending criteria, typical ExPat Buy to Let lenders will generally require the property to return 125% of the mortgage payments, even if the actual rate may be lower. This is to ensure that the property can maintain a stable income in order to repay the mortgage. Rental valuations are normally provided by the lenders surveyor who will assess the property.

  • 9. Is an interest only mortgage possible and to what borrowing amount?
    Actual mortgage products, borrowing values and rates will depend on your circumstances and individual applications, but we do work with a number of lenders and subject to meeting criteria, some will allow up to 75% borrowing of the properties value on an interest only basis.
  • 10. I am self employed, working abroad, would I still be eligible to get a UK Buy to Let mortgage?

    Unfortunately this is a very restrictive offering. Most lenders require a customer to be employed by a multi national company. Of the small number that accept overseas Self Employed customers, any Accountant used by the applicant will need to be internationally recognised and applicants will need to satisfy the lenders requirements.

  • 11. What would be the minimum income requirement I would need?

    Each lender will differ on requirements, but generally a majority of our specialist ExPat Lenders expect an annual income between £40,000 - £50,000 in British Sterling to be accepted.

  • 12. What type of property could I raise finance for?

    We specialise in arranging mortgages for standard residential investment Buy to Let mortgages, Commercial based properties, Student Lets and properties of mixed use.

  • 13. Will lenders lend in the whole of the UK?
    We offer a specialist Expat Buy to Let lender panel that will look at lending in all regions of the UK. This includes England, Wales and Scotland. Currently we can not help those looking to mortgage a property in Northern Ireland.
  • 14. Can't I get a loan cheaper by going direct to a lender?
    We recommend you shop around for the best deal you can. But in our considerable experience, if you have special mortgage needs - which is what we are very good at - you may find our loans difficult to beat and here's why: The lenders we use know that some borrowers do have special mortgage needs and they want us, as specialists, to help those borrowers. These lenders often cannot provide specialist advice for people with special mortgage needs. They rely on us to do that and often give us special mortgage products that are not available directly from the lender.
  • 15. Do you charge up-front consultancy fees?

    No. We never charge up front consultancy, advisory or help fees. And if we don't get you the mortgage you want, you don't pay us anything at all. You only pay a fee once you’re mortgage has completed, typically £375. That is our job. The fee is due upon completion or 30 days after the offer was issued. However, please note that you will need to pay a processing fee (including valuation fee) when you apply for your mortgage. This fee covers the cost of paying the surveyor (who carries out the valuation of the property on behalf of the lender) and the costs of setting up your mortgage and administering it. (A typical cost might be £319 on a property valued at £100,000).

Call us to find out more on +44 (0) 1403 320400.

Mortgage Documentation

IDD = Initial Disclosure Document


Head Office
AToM House, 24 Carfax
Horsham, West Sussex
RH12 1EB

Tel: +44 (0) 1403 320400

Fax: +44 (0) 1403 211200

Email:expats@atomltd.co.uk

Disclaimer::
All Types of Mortgages Limited is an appointed representative of IN Partnership the trading name of The On-Line Partnership Limited which is authorised and regulated by the Financial Conduct Authority. IN Partnership’s Financial Services Register number is 192638. Some Buy to Let mortgages are not regulated by the Financial Conduct Authority.
© AToM (All Types of Mortgages Ltd) 2014.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER DEBTS SECURED ON IT