Here’s an exciting new expat mortgage on the market!
Every now and then, we come across a new mortgage product that makes us sit up and take notice, and today is one of those days!
For years, expats have had to choose between a buy-to-let mortgage or a standard residential one. Neither option really works if you want a UK home for yourself but also want to rent it out while you are overseas.
Until now, that is!
That’s right, we’ve just seen the details of a new expat mortgage product which offers more flexibility than we’ve ever seen.
Tell us more about this new expat mortgage…
You can now own a UK residential property and also be able to let it out for short-term and holiday lettings.
Yes, you read that correctly!
You can own your own home in the UK (which is yours to live in whenever you return), but while you’re here in Dubai, you can let it out for holiday lets, Airbnb bookings, short-term rental agreements…
That’s a huge amount of flexibility and one that we genuinely think could be a huge game-changer for UK expats.
Who is this new mortgage for?
This is a new expat mortgage specifically for first-time buyers and home movers who want a UK base or holiday home, which they can use as much as they like.
You can live in it when you want.
You can let it out when you’re away.
It’s not for people who intend to rent out the property all the time; you’ll need a dedicated buy-to-let expat mortgage for that purpose.
But this is really exciting because it offers much more flexibility for those who like to travel around the world yet still want somewhere in the UK to call home. There are no set limits on how long you can live in or rent out the property.
What are the finer details?
We know you want the important details, so here are the finer points that will capture your attention as much as they did ours.
- You need a 20% deposit for the UK property.
- It’s only available to first-time buyers and home movers
- Affordability will be assessed using your earned income only (rental income will not be included)
- You don’t need to be a homeowner in your country of residence
- The property must be your only UK residential property
Of course, beyond there, the usual lending criteria will apply, and we’ll work with you to ensure that all of your paperwork is in place from the very outset.
This is a really exciting solution because it means you can now buy a UK home to use yourself and rent it out as a holiday let whenever you’re not there, with no limits on how long you stay or how long you rent it out.
Depending on where your UK home is, there may be local considerations to take into account, such as the Scottish licensing scheme or the London 90-day rule.
But this is a really exciting new product coming to market, and we’re ready to talk to you about your options. All you’ve got to do is pick up the phone and book an appointment.