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What kind of mortgage?

What are the requirements for a buy to let mortgage in the UK if I live abroad?

Choosing the right offshore or international mortgage for you

Lenders now offer a wide range of mortgages for expatriate and international buyers, so make sure you choose the loan which is right for you.

Base Rate Tracker: As the name suggests, the interest rate tracks UK Base Rate. With some products, the interest rate will track UK Base for the life of the loan. This means you do not have to constantly shop around or incur costs remortgaging at the end of a special offer period. You also know exactly where you are with your interest rate costs at all times. Most, though, track UK Base Rate for a fixed period, normally two or three years. Variable interest rate international mortgages tend to offer more flexibility, so you can often repay extra capital without incurring an early repayment penalty.

Standard Variable Rate: Generally the most flexible option. Loans typically allow early repayment of additional capital at any time without penalty.

Fixed Rate Mortgages: Available over 1, 2, 3 or 5 years. Fixed rate expat mortgages are offered on a limited availability basis and can be withdrawn without notice. Think of them as like a special offer – if the rate is attractive and meets your requirements, it is always a good idea to move quickly to get an offer, as this means the lender will hold funds for you, often for up to 6 months, at the agreed interest rate.

As the interest rate is fixed, repayments will not change during the term. Fixed rate mortgages are ideal for those who need to budget carefully or if you are worried about interest rates rising. Fixed rate loans usually have early repayment charges for early repayment of capital during the fixed rate period, but we have several lenders who will allow up to 10% of the capital outstanding to be repaid each year with no penalty.

Discounted Rate or Low Start: Mortgages which offer a reduced interest rate for a set period, usually 2, 3 or 5 years. After that, the rate normally goes back to the lenders standard variable rate or standard variable buy to let rate. Good for those needing a short term reduction in costs, but you need to budget on having to remortgage at the end of the discounted period to keep a competitive interest rate.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Changes in the exchange rate may increase the sterling equivalent of your debt

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Your home may be repossessed if you do not keep up repayments on your mortgage.

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