Reply With QuoteJML associates.
mike
So, having moved to Amsterdam, I am renting out my old house.
I need to re-mortgage as the Nationwide don’t do BTL.
The question I have really is where to go to get a BTL mortgage for a landlord resident overseas.
I was speaking to a broker, but the initial fees seem quite high at around £4K, plus the legal fees. I did look at Santander, but they require an equivalent salary of £75k (I am on a fair amount less).
Anyone have any suggestions of who would be decent?
Cheers
George
JML associates.
mike
Consent to lease from the Nationwide would be a lot more straight-forward.
This. I’ve let my UK home from overseas several times and never needed a BTL mortgage.Originally Posted by demonloop
Don't just do something, sit there. - TNH
Consent to lease is possible but i had to convince the mortgage company that at some point in the future (vaguely unspecified) that i will return back to live there again. I specified a change in personal situation and that was accepted as a reason to consent to lease. They will look at the loan value, house value, rent coming in etc - if its tight they may decline, there were no fast rules with my company (Halifax).
Key question is whether the move to Amsterdam is permanent or temporary ? If temporary then I would ask Nationwide to accept change in circumstances for that period of time.
I've found consent to let pretty easy to get with Nationwide, no questions whatsoever on why its needed or how long for. There isn't even any questions on the form relating to what the rent is. They consent for 3 yrs at a time, but easy enough to renew, we're on yr 10 now. After 6 months they do load your interest rate with an extra 1% letting fee. Also they won't let you take a new deal while on CTL, so you will drop onto their standard variable BMR or SMR depending when you took your current deal. BMR is currently 2.5%, SMR is 3.99%, so with the extra 1% on top, it could be quite pricey
However, this is a timely thread, as we need to raise additional funds for a refurb on another property, so are looking at remortgaging the current balance + the extra we need. I live and work in the UK, but the co-owner is my brother who lives and works in Germany. Having trouble finding out if standard BTL companies will lend to us, or whether we would be considered as expat and therefore higher fees & interest and very high salary expectations.
Last edited by Brighty; 18th June 2018 at 14:06.
I do indeed have consent to let at the moment, but as My original term has expired I’m on the svr +1%, so am looking to get a fixed for a 5 year term if possible. With regards to returning to the UK, as I moved to NL for my fiancé, unless things go spectacularly tits up I don’t see myself returning yet. I’ll look at JML associates, thanks seadog, any other suggestions would be appreciated in he mean time
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From what i've seen, Expat BTL are up around the 5% mark, so probably no better than sticking on NW's SMR once you take fees etc into account. That's why i'm hoping to find a standard BTL at sub 2.5%, just need to find a lender that would consider us not as expat when one owner is UK and one is not
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