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  • Wanted & Recommendations

    Expat mortgage and BTL Financial Adviser

    Hello, ,

    Newbie here and a Brit living overseas.

    I'm keen to purchase a BTL property in East Sussex, between Seaford and Brighton but most likely Eastbourne.

    As i live outside of the UK I'm acutely aware of how little I know in this space. I am speaking to a mortgage broker who says I qualify, but whilst they are giving me the minimum I feel that expat mortgages aren't their expertise.

    This is my life savings so i can't afford to make a mistake. Please can someone help me with where to go from here? I'm after some new connections in East Sussex in terms of;

    Financial adviser - Someone down to earth who appreciates this is a one time BTL buy - I don't want an empire!

    Expat mortgage  - A broker who can understand the pitfalls

    A Tax professional who can advise me on BTL tax

    Thanks so much in advance.

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    Hi Dorothy_in_Oz

    Apologies, but i dont have any useful information on the areas that you mentioned, but i just noticed that there appear to be a number of similar expat posts (quite a few of them with no responses or few responses).  Im new to Property Tribes, so I dont know how to do it, but it might help to try to establish a new tribe for "Expats".  Might raise the profile a bit more for this less common area and throw up some more useful information?

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    Thanks for your comment Andrew. I might email admin and ask Smile

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    Vanessa or Nick are probably reading this post so might just do it anyway.  I also advocate an expat tribe as that's me Smile

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    Thanks so much Andrew! I might email admin and ask Smile

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    I am in the same boat although a few months away from actually starting the application process, but i have already spoken to these guys and they seem fine.

    https://www.charcol.co.uk/

    I also did a little research and have these guys in my sight.also but i have not spoken to them yet.

    https://keys-mortgages.com/

    https://brightstarhub.co.uk/

    https://bespokefinance.info/

    https://www.hdconsultants.net/

    I do not know who i will use as i will definitely speak to more than one to at least compare quotes and what they can find.

    Your mortgage broker should be checking all the market for you and if you feel it is not their expertise then either ask a lot of questions to make you feel better or go with your gut and find another.

    I cannot help with your other questions, but do let me know which mortgage broker you decide on.

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    Thanks so much for your reply!

    To provide an update, I've now been approved for an expat BTL mortgage so I'm just on the hunt for a suitable property Smile

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    Great, good luck in your search.

    Can i ask who you used, interest rate, fixed term, broker cost and mortgage fee?

    Just so i can compare with mine when i finally go ahead.

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    Hello. Options are very limited for expats but I have been approved in principle with Bucks Building society. They require a 25-30% deposit though. I’ve got 3.99% fixed for 2 years based on my brokers advice ( in case I need to sell it urgently due to changed circumstances).

    She’s said to avoid 5 years fixed term as an expat. I think I pay her 1% of the borrowed amount. Half on offer acceptance and half on completion. If the sale falls through though I can carry the money paid over. That’s an important one.

    Where are you at with things? Where are you based?
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    Living in Spain at the moment but will return to the UK within a year (well half in UK and half in Spain) so currently taking advice on where to place my financial life to be the most tax efficient.  I have rental properties in both countries with income plus a freelancing business. 

    As all my properties are owned with no mortgage.  I want to re-mortgage my places in the UK, to get some cash out to buy some more properties, but after speaking to a mortgage adviser that isn't easy as mum lives in one and other is rented to a family member, so i kinda hit a wall for the moment. 

    It would be easier if i was resident in the UK, and i could potentially borrow from banks on the value of the properties i have in Spain, but its definitely not a clear cut situation. So for now i'm waiting to see where my financial life will live and then move on from there.

    I have been told though that expat mortgages in the UK start at around 3%, so at 3.99 yours seems reasonable for you.

    Do you know why you were advised to not go for a 5 year rate?  Assuming i can get a real low rate, i will def be looking for a 5 year rate

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    Ah right. Well you seem to be on the right track by owning a couple of places already. I only own my home in Australia.

    Yeah. Im happy with my mortgage in principle. It’s fair and they approved me so I’m grateful for that. I’ve been out of the U.K. so long I was worried about that. I was advised by my broker that changing a fixed rate mortgage was harder when locked in for 5 years. I can’t get to the U.K. quickly and I want something I can sell if I need cash flow fast. I’m cool with it but each to their own!

    Where are you thinking of buying? Will you use a sourcing agent or visit places yourself?
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