Need An Expat Buy To Let Mortgage Broker?
Here’s 10 reasons why you need an expat mortgage broker to help you find the best expat buy to let mortgage lender
At first glance, it would seem to be an easy decision – go direct to save on costs. But if your time is valuable and you want to be sure the expat mortgage lender you have found can actually deliver the goods, here are 10 reasons why using an international mortgage broker might save you time and money in the long run.
- Dealing with a UK FCA regulated international mortgage broker such as Offshoreonline gives you peace of mind. As regulated body you will not be expected to pay hidden or unreasonable charges. The whole mortgage application process from beginning to end is clearly laid out at the start for you.
- Not every lender can help expat buy to let homeowners. They may say they can advance funds, but in reality, they cannot, because you of not met their lending criteria. You may have left the UK some time ago, not voted in a long time or just have a few seldom used bank accounts here However, you will not find the lender cannot lend until you have committed time and sometimes money to an application. An experienced broker will only speak to lenders who can deliver what they say.
- Not every expat mortgage lender will do what they say on the tin. It is not unusual to speak to a lender who will say they can lend up to 75% of the value of the property. Hidden in the small print might be an overriding so called “stress test,” which limits the loan to the amount of rental income that is expected. This can frequently reduce the amount lent to 60% or even less of the sale price.
- Where you live makes a difference – UK expat mortgage lenders will often not accept business from expatriates simply because of where they live. An international mortgage broker can save time and money, they will to start an application with one of the clearing banks such as Nat West International, if you live in Australia for example, as they know Nat West International and RBSI will not deal with expats who live in Australia.
- Save money – experienced expat mortgage brokers can often get lender fees capped or reduced, based on the volume of business they deliver to the lender. Remember, your expat mortgage broker is on your side, not the lender’s.
- The widest choice. Expat mortgage brokers know all the main lenders, they know Lloyds International are not in the market, they know you need to have a high relationship value, i.e. amount of money invested, in order to be able to speak to HSBC International or Barclays International mortgages.
- If you are in a hurry to buy, an international broker can tell you who will be quicker if you are already a client of one of the banks – HSBC international or Barclays International, for example, assuming you already meet their other criteria.
- A more detailed comparison of the costs – expect your expat mortgage broker to help you understand which is really in your interest – a high lender fee or a lower mortgage rate?
- A fast decision in principle. We’ll tell you if we think we can get you a mortgage based on six simple pieces of information – the property price, your deposit, the expected rental, your nationality, where you live and your employment status.
- No offer, no fee. Even if you decide to back out ta the 11th hour, we will not charge until we have actually secured your expat mortgage offer.