About The Author

mortgage broker damian youell



See some of Damian’s client reviews below

Damian is an experienced mortgage broker, founder of NeedingAdvice.co.uk Ltd and company director. With over a decade working as a mortgage broker he has a strong understanding of hard to place mortgage cases. With hundreds of 5 star client reviews. hundreds of repeat clients his work speaks for himself.

He started NeedingAdvice.co.uk as a one man band with the philosophy of putting clients needs ahead of his own. This ethos of offering excellent customer service has helped the business grow over the years. He gets satisfaction on getting cases pushed through to offer stage where other mortgage broker and companies have failed.

Throughout his time as an adviser he has carved out a niche area of advice helping clients with their business protection requirements too. Having helped hundreds of client with Relevant Life Policies, Shareholder Protection Insurance, Keyperson Policies and other important protection requirements of large to small businesses.

At home he is a family man and likes to spend his time with his four children and wife Lisa. He enjoys going on holidays spending time with friends and going for walks.

Getting a BTL mortgage in the UK is complicated, but if you are also an expat, the process can be even more challenging. However, with the right knowledge and preparation, obtaining an expat BTL mortgage is not impossible.

One of the main obstacles expats face when applying for a BTL mortgage is proving their income. Most lenders require a steady and reliable source of income to ensure that borrowers can meet their monthly repayments. For expats, this can be tricky as they may not have the same documentation or employment history as UK residents.

To overcome this hurdle, expats will need to provide alternative evidence of their income. This can include bank statements, tax returns, and proof of rental income from other properties. It’s important to gather as much supporting documentation as possible to demonstrate your financial stability and ability to repay the mortgage.

In this article on the topic “Expat BTL mortgage” we will explore this topic in depth details and try to help the expat population to get a Buy-to-Let mortgage in the UK.

Post Topics

Expat Mortgages

Buy to let mortgage or BTL mortgage

Expat buy to let mortgage lending criteria and requirements

Which are the best mortgage lenders for expat mortgages in 2024?

Next steps

FAQs – Expat BTL mortgage

Mortgage Success Stories for Buy To Let Mortgages

Damian Youell

Feel Free To Start WhatsApp Chat With Us...

How We Work

1: We contact you and take down your details, income outgoings, name, address etc.

2: We will research the whole market and email you a detailed quote as well as a list of documents to proceed.

3: You upload the documents and information needed via our channel our online portal.

Feel Free to Contact Us

Expat Mortgages

As the name suggests, expat mortgages are for expats who are living and working outside of their home country but wish to invest in property in the UK. These mortgages are specifically designed for individuals who are not residing in the UK and can be used to purchase a buy-to-let property for investment purposes. An expat could be anyone who is working outside the UK, such as Seafarers, diplomats, international business professionals, or retirees living abroad.

Buy to let mortgage or BTL mortgage.

Buy to let mortgage or BTL mortgage are for landlords interested in buying a property to rent it out in the future. Rules for Buy-to-let mortgages are similar to regular mortgages, but there are some key differences that you may need to consider.

The main difference is that your buy-to-let loan will be secured against the property’s rental income, so if you default on repayments, then the bank can repossess and sell off the property. This means that you should make sure that you have enough money saved up to cover any shortfall between what you owe the lender and how much they get from selling the house.

If this happens, you could end up losing both the home and all of your savings! In addition, buy-to-let mortgages usually have higher interest rates. This is because a typical mortgage lender assessed more strict affordability rules in the case of Buy-to-let mortgage products. It is also the main reason that the choice of lenders and mortgage rate could be reduced in such type of loan application. The next question arises.

Expat buy to let mortgage lending criteria and requirements

If you’re an expat looking for a mortgage, lenders will need to check a few things, like your income, credit history, and whether you can afford the loan.

For your income, they’ll usually want to see your job contract to prove you’re employed. If you work for yourself, you’ll need to show your recent business accounts, checked by a qualified accountant. Also, some lenders might have a minimum income you need to earn before they consider you for a loan.

Some lenders don’t like to lend to expats because of the risks of changing exchange rates. If you get paid in another currency, the value can go up or down, which can be risky.<a name=”Which are the best mortgage lenders for expat mortgages in 2024?”</a>

Lenders will also look at your credit history to see how good you are at paying back money. If you’ve had problems with credit before, it doesn’t mean you can’t get a mortgage, but it can be more difficult. If you haven’t lived in the UK for a while, you might not have a credit record, which can also be tricky. It’s really helpful if you have a UK bank account and especially if your salary goes into one.

Apart from your personal situation, a lender will check out the property you want to buy. They’ll do a valuation before they agree to a loan. If you’re planning to rent out the property, the rent you expect to get each month needs to be about 125% to 145% of your monthly mortgage payments, depending on the lender.

You should know that lenders might only give mortgages for certain types of properties for expat buy-to-let. Usually, standard houses and flats are fine.

Also, some lenders might only give mortgages to expats living in specific countries and not to those in countries they think are too risky. The countries they don’t lend to can vary between lenders.

Which are the best mortgage lenders for expat mortgages in 2024?

In 2024, some of the best mortgage lenders for expat mortgages in the UK include:

  • HSBC: This global banking brand offers a specific mortgage service for UK-based expats.
  • Barclays: This bank has a service dedicated to non-resident investors looking to buy a property in the UK.
  • Natwest: This bank can offer UK mortgages to residents of certain countries looking to buy in the UK.
  • Family Building Society: This society accepts mortgages for homes in England and Wales from expats in over 40 countries, including the USA, Hong Kong, Germany and Canada.

Please note that the best mortgage lender for you will depend on your personal circumstances. It’s advisable to speak to a mortgage broker who can find the best mortgage for your personal circumstances. Also, keep in mind that the mortgage market can change rapidly, so it’s a good idea to check for the latest deals.

Next steps

Gaining a buy-to-let mortgage as an expat can seem complex. Due to tighter requirements and changes in regulations, the mortgage market has shrunk, and not all lenders are willing to loan for an expat buy-to-let mortgage, and it may seem confusing with which lender you should approach. You may wish to seek help from a qualified mortgage broker who can use their experience and expertise to guide you to the right lenders for your personal circumstances. An independent mortgage broker will have access to a wide selection of lenders and products, both on and off the high street, including specialist lenders. Besides providing you with wider options, a mortgage broker will be able to assist with your application process to help you increase your chances of being accepted by a lender. Get in touch with us today if you want to discuss your mortgage needs.

Damian Youell

Feel Free To Start WhatsApp Chat With Us...

How We Work

1: We contact you and take down your details, income outgoings, name, address etc.

2: We will research the whole market and email you a detailed quote as well as a list of documents to proceed.

3: You upload the documents and information needed via our channel our online portal.

Feel Free to Contact Us

FAQs – Expat BTL mortgage

What is an expat mortgage in the UK, and how does it differ from regular mortgages?

An expat mortgage in the UK is specifically designed for UK nationals living abroad or foreign nationals who wish to purchase property in the UK. The key difference from regular mortgages is the underwriting process, which takes into account the unique financial and credit circumstances of someone living overseas, such as foreign income and credit history.

Can expats living abroad obtain a buy-to-let mortgage in the UK, and what are the specific requirements for doing so?

Yes, expats living abroad can obtain a buy-to-let mortgage in the UK. The specific requirements typically include a higher deposit, proof of income (often with a higher minimum threshold), a good credit history, and sometimes a UK bank account. The property itself must also meet certain criteria set by the lender.

What is the typical deposit requirement for an expat mortgage in the UK, and does it differ for buy-to-let mortgages?

The typical deposit requirement for an expat mortgage is usually higher than for a standard UK mortgage, often around 25-35%. For buy-to-let mortgages, this can be even higher, sometimes up to 40%, depending on the lender’s criteria and the borrower’s circumstances.

What are the current interest rates for buy-to-let mortgages, and how do these rates impact expats?

The interest rates for buy-to-let mortgages vary depending on the lender and the applicant’s circumstances. As of now, rates tend to be slightly higher for expats due to the perceived increased risk. Expats should expect to pay a premium over standard buy-to-let mortgage rates.

Which UK banks offer mortgages to expats, and are there any banks that specialize in providing overseas mortgages?

Several UK banks offer mortgages to expats, including major high street banks and specialist lenders. Banks like HSBC, Barclays, and NatWest have specific expat mortgage products. Additionally, there are niche lenders who specialize in overseas mortgages, offering tailored products for expats.

For expats or foreigners not residing in the UK, is it possible to get a mortgage based on foreign income, and what are the challenges involved?

Yes, it’s possible to get a mortgage based on foreign income. The challenges include proving the stability and reliability of foreign income, currency fluctuations, and possibly higher interest rates and deposit requirements. Lenders will conduct thorough affordability checks and may require more documentation.

How can a non-resident or a foreigner secure a mortgage in the UK, and what steps should they follow to get an expat mortgage?

To secure a mortgage in the UK, a non-resident or foreigner should first assess their eligibility, such as income level, credit history, and deposit availability. The next steps include researching lenders who offer expat mortgages, preparing necessary documentation (like proof of income and credit history), and potentially working with a mortgage broker experienced in expat mortgages.

If someone has recently moved to the UK, can they qualify for a mortgage, and what are the criteria for approval?

Someone who has recently moved to the UK can qualify for a mortgage, but the criteria can be stringent. These include establishing a UK credit history, proving UK income, and possibly facing higher deposit requirements. The length of time they have been in the UK and their residency status will also be considered.

What is an 80% buy-to-let mortgage, and how does it work for expats looking to invest in UK property? An 80% buy-to-let mortgage means the borrower is required to provide a 20% deposit, with the lender covering the remaining 80% of the property’s value. For expats, securing an 80% LTV (Loan to Value) mortgage can be challenging and typically requires strong financial credentials, including a high income and good credit score.

Which bank is considered the best for obtaining a mortgage in the UK, especially for buy-to-let properties, and can you remortgage a buy-to-let property?

The “best” bank for a mortgage in the UK varies depending on the individual’s circumstances. Lenders like HSBC, Barclays, and NatWest are often recommended for their expat-friendly products. Yes, you can remortgage a buy-to-let property, often to release equity or secure a better interest rate. However, this depends on your financial situation, the property’s value, and the terms of your current mortgage.

Remember, it’s always advisable to consult with a mortgage adviser or broker to get the most accurate and up-to-date information tailored to your specific needs.

Damian Youell

Feel Free To Start WhatsApp Chat With Us...

How We Work

1: We contact you and take down your details, income outgoings, name, address etc.

2: We will research the whole market and email you a detailed quote as well as a list of documents to proceed.

3: You upload the documents and information needed via our channel our online portal.

Feel Free to Contact Us