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UK mortgages and buy to let mortgages for Hong Kong residents

UK mortgages and buy to let mortgages for Hong Kong residents

  • What are the requirements for a buy to let mortgage UK when you live in Hong Kong?
  • Can I get a UK mortgage as a non resident?
  • Which UK banks offer UK mortgages to expats?
  • Do I qualify for a UK mortgage if I live in Hong Kong?

If you live in Hong Kong and would like a UK mortgage to buy property in the UK, we can help.

We offer mortgages to Hong Kong residents for new homes or buy to let flats and houses – whether you hold a full UK passport, a BNO passport or a local Hong Kong resident’s identity card.

For local Hong Kong residents who want to buy a home in the UK, perhaps with the option of eventually moving family there, you have several options. You could use a buy to let loan to purchase your property, then apply to the lender to change this to a main residence loan, or if close family will live there from the start, this usually needs a main residence UK mortgage. Lenders will usually let you start off with one kind of UK mortgage as a Hong Kong resident, then change to a different type, as your circumstances evolve. Some Hong Kong residents and local expats do this – they buy while living and working abroad, then move back into the UK and back into their house.

The most important thing is that the mortgage repayments are always kept up to date and the lender is made aware or any changes to your residency.

It will almost certainly be in your interest to convert the loan to a self-use home loan if any  move back to the UK is permanent, but the loan will need to be approved (underwritten) again. Main home loans require you to have an established UK income and a UK credit record, so careful planning will be needed, but it would normally be acceptable to live in the house while your new loan application was processed, provided this has been agreed with the lender.

If you are a UK passport holder, the range of banks who offer UK mortgages to Hong Kong residents is very wide. If you hold a BNO passport or a local Chinese passport or Hong Kong resident’s identity card, it is still possible to apply for a UK mortgage.

My UK mortgage has reached the end of its fixed or discounted term. How do I renew it?

The first thing to check is whether you bank with a lender who can offer expat or international mortgages – many major UK mortgage banks, such as Lloyds Bank, Halifax do not, but plenty of other lenders can help you.

As a broker with over 27 years experience of this specialist market, we will check our panel and offer you a range of choices. You may be thinking of returning to the UK soon and so want to avoid early repayment penalties, or you may want a longer term stable, guaranteed mortgage rate. Either way, we can help.

UK  mortgages are simple to arrange for Hong Kong residents, so here are some quick tips that will help guide you.

  • You will need a deposit of at least 25% of the purchase price. Lower mortgage rates are available, if you have a 35% or higher deposit.
  • Lower mortgage rates can be available for larger loans too
  • Be careful when you choose the property type – we can finance new build houses and flats, but existing traditional houses may be easier, such as a terraced or semi-detached house. It is often a good idea to check a building can be mortgaged, before making an offer
  • You will need to know the potential monthly rental income for your UK buy to let – this can be found online through one of the property portals such as Rightmove or Zoopla or Onthemarket – just look for a similar property under the rental section of the site
  • You usually need to be salaried to apply for a mortgage or have a pension income. If you are self-employed, you will need at least three years of accounts, but self employed Hong Kong residents do qualify for UK mortgages.
  • Some lenders state a minimum buy to let mortgage amount for buyers from Hong Kong of £100,000. We can offer mortgages below this amount, but interest rates tend to be slightly higher

To apply for a UK mortgage if you live in Hong Kong, click below…


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