Buy-to-let remortgage needed for non UK resident landlord

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    Buy-to-let remortgage needed for non UK resident landlord

    We have a buy-to-let mortgage on an investment property in London. We currently have the mortgage with Mortgage Agency Services (MAS) - we have finished the fixed period on the mortgage so there are no redemption penalties.

    Loan is GBP 145,000
    Value of the property is approx GBP 210,000
    Montly repayments are currently GBP 534 on the lender's SVR
    This seems quite expensive to me - I calculate this as an SVR of 4.5%
    The property is currently rented on an AST for GBP 875 per month

    Question (1) Are my calculations correct - ie is this 4.5%
    Question (2) Can anyone suggest a re-mortgage deal, considering the mortgage is in my wife's name - she does not work and we are both non-resident in the UK

    #2
    The rate assuming it is interest only is 4.42% and I would suspect that you will not save enough in refinancing to justify a new arrangement fee, valuation and legals. Lenders have also all tightened up their criteria so what may have been acceptable several years ago is often not nowadays.

    Why not see whether your existing lender can offer you something more attractive?
    CFA

    Comment


      #3
      Mortgage lenders in UK have to check the earnings and salary of applicants and may not be able to do this for non-residents working overseas.

      So you should look to overseas branches able to offer "expat mortgages". If you are living say in Spain , you should enquire with Santander or Barclays or HSBC

      Alternatively google search for "expat mortgages"

      Comment


        #4
        We have just bought a house in the UK (resident & work in Europe) and used International mortgage plans as the broker and arranged a loan through Ipswich. It completed 2 weeks ago. We found them perfectly acceptable to deal with.

        Comment


          #5
          Originally posted by Essence View Post
          We have just bought a house in the UK (resident & work in Europe) and used International mortgage plans as the broker and arranged a loan through Ipswich. It completed 2 weeks ago. We found them perfectly acceptable to deal with.
          Please clarify. Are you merely a customer of that company or are you connected in any way with its business?
          JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
          1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
          2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
          3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
          4. *- Contact info: click on my name (blue-highlight link).

          Comment


            #6
            Originally posted by jeffrey View Post
            Please clarify. Are you merely a customer of that company or are you connected in any way with its business?
            Sorry... I am just a mere customer.

            I have no financial or any other tie to the company. I found the company through an expat website. Our UK banker wouldn't touch us as we are not paid in sterling.

            Apologies for any confusion.

            Comment


              #7
              OK- sorry for the suspicion that you were nefariously spamming your own company's wonderfulness!
              JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
              1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
              2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
              3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
              4. *- Contact info: click on my name (blue-highlight link).

              Comment

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