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Old 22.09.2022, 08:28
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Expat Buy to let mortgage: UK

Hi Guys

We want to re mortgage a property in the UK. We moved to Switzerland last year. Can you suggest lenders you have previously worked with. I understand the interest rates are higher. Also a broker I contacted wants to charge 1000GBP to do the mortgage. Is that normal?

Secondly- just thinking out loud, is there a possibility to get a mortgage here in Switzerland at resident interest rates that we can use for the property in the UK

With interest rates going up, we exploring our options

Many thanks
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Old 22.09.2022, 09:20
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Re: Expat Buy to let mortgage: UK

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Secondly- just thinking out loud, is there a possibility to get a mortgage here in Switzerland at resident interest rates that we can use for the property in the UK
In my experience, Swiss banks will not issue a mortgage for any property outside of Switzerland. I have also been interested to find a way to purchase property back home, but it proves very difficult.

There is also a stupid EU directive that means if you dont earn EUR, a European bank shouldnt lend to you.

If any members can shed more light on this, i'd also really appreciate it.
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Old 22.09.2022, 09:56
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Re: Expat Buy to let mortgage: UK

I have a buy to let mortgage in the UK through TSB

A 'broker' is just someone who will do your research on your behalf (for a fee).. but usually they take their commission from the lender, suprised to hear they'd charge you.

I doubt any local financial body would loan on a domestic uk property
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Old 22.09.2022, 10:22
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Re: Expat Buy to let mortgage: UK

Unless you're with a private bank that will lend against your assets with them, no Swiss bank will give a mortgage on a foreign property. Technically there is no reason why they can't, but they're just not set up to do it in the same way UK banks will not give mortgages on Swiss properties.

The only way they will do it is via their subsidiaries in the UK, eg CS and UBS but again these banks are there for HNWI and corporates with GBP 5 million + to invest with them.
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Old 22.09.2022, 13:12
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Re: Expat Buy to let mortgage: UK

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I have a buy to let mortgage in the UK through TSB

A 'broker' is just someone who will do your research on your behalf (for a fee).. but usually they take their commission from the lender, suprised to hear they'd charge you.

I doubt any local financial body would loan on a domestic uk property
I just check TSB, they no longer have the expat product
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Old 22.09.2022, 15:06
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Re: Expat Buy to let mortgage: UK

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I just check TSB, they no longer have the expat product
I guess you have to just go to each lender and ask if you qualify (or find a 'free broker')

or.. a quick bit of googling found

https://www.skiptoninternational.com/mortgages/expat
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Old 23.09.2022, 00:57
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Re: Expat Buy to let mortgage: UK

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Hi Guys

We want to re mortgage a property in the UK. We moved to Switzerland last year. Can you suggest lenders you have previously worked with. I understand the interest rates are higher. Also a broker I contacted wants to charge 1000GBP to do the mortgage. Is that normal?

Secondly- just thinking out loud, is there a possibility to get a mortgage here in Switzerland at resident interest rates that we can use for the property in the UK
HSBC Expat was the only bank I found that would lend and then wouldn't lend for max borrowing of 700k. Our Swiss mortgage + UK mortgage would have been over that limit. We stayed with Northern Rock now NRAM for the past 22 years as no other option. Mortgage to be paid back in full soon but would love to keep a redraw option so we can access sterling if needed for repairs.

I would only take a mortgage in the currency of the property - I know people who took Euro mortgages on UK property and they admit that was a really bad idea.
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Old 23.09.2022, 11:23
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Re: Expat Buy to let mortgage: UK

Would like to follow this thread as curious what people say and recommendations.

On my side: for a BTL this is doable as the main criteria is rent vs repayment. For a second home, this is much more complicated to impossible (with UK banks). There are multiple vendors that will help, however they are not very cheap, so curious to find some good competition there.

From Swiss to UK - that's a NO. Even for UHNW - CS and UBS offers absolute sh"t products for UK and if you have the cash, a UK lender will very gladly look at you. So really focus ONLY on UK lenders.

A broker that charges a fee is not unheard of, generally you can tell them to not charge it to you and they will accept, as they are already getting paid by the bank. I tend to like to work with brokers as they do the work for you, and then get paid by the bank and generally it does not add to your costs. Curious to hear of people's recommendations for a good broker as I will be doing another UK deal soon and will be in the same situation.

As you moved only a year ago, you could try and just say centre of life still the UK? Takes a bit of mental gymnastics and a good broker to present your case, but very doable especially if you have all your latest HMRC documents... I am not suggesting you do this and there might be some ethical issues, but that's your problem whether to listen to a stranger on a forum or not!

EDIT: I saw you are looking to do a remortage... Just stay with the same lender and automatically go on their website say nothing changed and get on their new rate... The hassle is not worth looking to find a new lender
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Old 23.09.2022, 13:45
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Re: Expat Buy to let mortgage: UK

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Would like to follow this thread as curious what people say and recommendations.

On my side: for a BTL this is doable as the main criteria is rent vs repayment. For a second home, this is much more complicated to impossible (with UK banks). There are multiple vendors that will help, however they are not very cheap, so curious to find some good competition there.

From Swiss to UK - that's a NO. Even for UHNW - CS and UBS offers absolute sh"t products for UK and if you have the cash, a UK lender will very gladly look at you. So really focus ONLY on UK lenders.

A broker that charges a fee is not unheard of, generally you can tell them to not charge it to you and they will accept, as they are already getting paid by the bank. I tend to like to work with brokers as they do the work for you, and then get paid by the bank and generally it does not add to your costs. Curious to hear of people's recommendations for a good broker as I will be doing another UK deal soon and will be in the same situation.

As you moved only a year ago, you could try and just say centre of life still the UK? Takes a bit of mental gymnastics and a good broker to present your case, but very doable especially if you have all your latest HMRC documents... I am not suggesting you do this and there might be some ethical issues, but that's your problem whether to listen to a stranger on a forum or not!

EDIT: I saw you are looking to do a remortage... Just stay with the same lender and automatically go on their website say nothing changed and get on their new rate... The hassle is not worth looking to find a new lender
You have to tell your lender you don't live there anymore. It's up to them what products, if any, they will then offer. All kinds of trouble if you don't and they find out.
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