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Old 09.08.2011, 19:12
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Mortgage for UK property

I want to take out a mortgage on a uk property.

I bank with BCGE but they said they didn't lend on foreign properties. I tried a mortgage broker in UK but think i need a bit more specialised help so i'll start researching that.

Does anyone have any experiences with something similar either from Swiss institution, UK offshore or UK institution?

Many thanks
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  #2  
Old 09.08.2011, 21:39
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Re: Mortgage for UK property

Hi.. there are lots of posts on the subject.. you'll be best to go through a broker.. I had a good experience with John Charcol
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Old 09.08.2011, 21:44
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Re: Mortgage for UK property

We had problems getting a UK mortgage - we sold our house in the UK and wanted to buy a flat there - had no problems with our house as we took out the mortgage before working in Switzerland. When we sold our lender would not give us a mortgage transfer. We had our financial advisor find an expat mortage and we got an offer from Nationwide. We ended up not taking it and renting instead for various reasons but could have had a mortgage (25% deposit).
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Old 09.08.2011, 21:49
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Re: Mortgage for UK property

We had a large property in the Uk that we were struggling to get decent tenants for so we decided to sell up and buy two smaller propertys which would be easier to rent but keeping a similar size mortgage. We decided to sell our home first then look for the two new properties once the house sale had gone through. We struggled to get a mortgage with our exsisting mortgage company at a reasonable rate as they hiked up the interest rates because we were living abroad. We ended up going with Birmingham and Midshires which seemed to be the only option for us at the time but it has worked out OK. We did need to put a minimum of 25% deposit down though. I hope this helps.
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Old 09.08.2011, 22:24
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Re: Mortgage for UK property

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Hi.. there are lots of posts on the subject.. you'll be best to go through a broker.. I had a good experience with John Charcol
+1

Get a broker to do the legwork and get some options on the table. A can then pick the best from a bad bunch.
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Old 11.08.2011, 09:49
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Re: Mortgage for UK property

I am doing the same thing. I am using ADS Mortgage & Financial Planning based in Kent. They do charge a fee but at least they find the lenders and do the ground work for you. (Check out their website - They deal in expat mortgages)

It seems that there are not that many UK lenders willing to agree a mortgage with an expat continuing to live outside the country. However, there are some. Nat West has offered me a mortgage in principle so there is hope.
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Old 11.08.2011, 11:12
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Re: Mortgage for UK property

can i ask is that a GBP or CHF mortgage
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Old 11.08.2011, 11:23
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Re: Mortgage for UK property

GBP. We are buying a house in the UK.
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Old 11.08.2011, 16:46
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Re: Mortgage for UK property

That's what i've been looking at too (a property in UK) - but considering a CHF mortgage to lock the debt in CHF (what I earn) at the current good rates - seems to be very limited choice, and what i have found charges a very high rate (approx. 5% for effectively a CHF libor mortgage).
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Old 11.08.2011, 16:59
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Re: Mortgage for UK property

My findings too. I found it difficult to find a loan/mortgage in CH which would allow me to purchase a UK property. Anyway, with the exchange rate the way it is now the most sensible choice was a UK mortgage which I would pay from my CH earnings.

I also managed to get the bank to approve the mortgage as a normal private type with permission to let out. (The rate offered was 3.05%) This avoided the less favourable buy-to-let deals.

My plan is to let the property out so that the UK mortgage payments are covered by the rental fees. Hopefully, I won't even have to send any money from CH.
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Old 11.08.2011, 17:25
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Re: Mortgage for UK property

There are heeps of BTL is tyhe UK - so you will be entering into a saturated market.

If you buy in the big cities you'll probably cover your mortgage and get good occupancy rates ...
If you are buying else where - houses out number tenants ...
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Old 12.08.2011, 09:29
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Re: Mortgage for UK property

True, but then I'm not looking to rent it long term or make money from it. We are looking to buy in the Cornwall area probably near to Newquay. (Love the Cornwall area) The idea is to have a family holiday home but when we are not using it, let it out as a holiday home.

For us, it's about having a holiday home and investment. If it can also bring in a little revenue to pay towards the mortgage, then all the better.

Besides, I read the total opposite: The market is flooded with tenants. There's even cases of potential tenants that are 'gazumping' each other to secure the lease. Is this true? Or is it localised to the London area?

So, Cornwall or Devon? What's your favourite area of the English countryside?
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Old 12.08.2011, 09:39
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Re: Mortgage for UK property

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True, but then I'm not looking to rent it long term or make money from it. We are looking to buy in the Cornwall area probably near to Newquay. (Love the Cornwall area) The idea is to have a family holiday home but when we are not using it, let it out as a holiday home.

For us, it's about having a holiday home and investment. If it can also bring in a little revenue to pay towards the mortgage, then all the better.

Besides, I read the total opposite: The market is flooded with tenants. There's even cases of potential tenants that are 'gazumping' each other to secure the lease. Is this true? Or is it localised to the London area?

So, Cornwall or Devon? What's your favourite area of the English countryside?
Our family home in the UK has been put up for rent again after the last tennents left 6 weeks or so ago. We have had loads of interest, but families have been failing credit checks or have pulled out at the last moment! 3 or 4 families have failed credit checks, maybe that is a sign of the times.
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Old 12.08.2011, 11:19
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Re: Mortgage for UK property

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Besides, I read the total opposite: The market is flooded with tenants. There's even cases of potential tenants that are 'gazumping' each other to secure the lease. Is this true? Or is it localised to the London area?

So, Cornwall or Devon? What's your favourite area of the English countryside?
Not a chance in Cornwall, prices about 12 times local incomes & nothing selling.

Most properties have been reduced approx 8%, some 25% & still no takers. Hugely overpriced in todays market.
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Old 12.08.2011, 11:34
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Re: Mortgage for UK property

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Not a chance in Cornwall, prices about 12 times local incomes & nothing selling.

Most properties have been reduced approx 8%, some 25% & still no takers. Hugely overpriced in todays market.
Are you talking about buying? My comment was regarding renting.

I think the prices in Cornwall have been pushed way too high over the years. I'm certain that one reason is because too many people have been buying second homes/holiday homes causing the over-inflation of housing prices.
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Old 12.08.2011, 11:40
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Re: Mortgage for UK property

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Are you talking about buying? My comment was regarding renting.

I think the prices in Cornwall have been pushed way too high over the years. I'm certain that one reason is because too many people have been buying second homes/holiday homes causing the over-inflation of housing prices.
Talking about renting, huge voids, 3% gross yield if your lucky. Historically the Brits bought their holiday homes so the is no established rental market for quality property.
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