expat buy to let mortgages

WHO CAN GET EXPAT BUY-TO-LET MORTGAGES? Lenders offering expat mortgages take into account two additional factors, as well as the usual background checks and proof of income. Mortgage companies prefer borrowers who are employed by multinational companies, this allows them to confirm employment details and verify documentation. It is much easier than having to deal with an unknown overseas employer with the need for translation of documents, contracts and pay slips. If you’re self-employed, lenders would like to see your accounts being done by a small to medium-sized accountancy company which can be verified and has accreditation. The second issue mortgage companies look at is the country in which the expat is based. Some countries are deemed higher risk due to the history of widespread bribery, money laundering and corruption practices. Borrowers in such countries as Nigeria and Colombia may have a tough time finding a lender willing to offer them an expat mortgage. WHAT ABOUT INTEREST RATES? The increased risk of lending to an expat is reflected with slightly higher rates of interest, but the difference is marginal. It’s always wise to compare products before signing any mortgage offer. While interest rates are a consideration, lower rates may reflect a company known for its poor service, sloth-like speed, and unnecessary paperwork. You could lose weeks, only to have your application rejected, which could cost you your purchase. THE APPLICATION PROCESS FOR EXPAT MORTGAGES You should be able to complete your expat mortgage application by email, fax or courier without having to return to the UK in person. However, one word sums up the difference between applying for a domestic mortgage and an expat mortgage – time-consuming! Checks take longer and different time zones slow down communications and responses. Dealing with language barriers and processing unfamiliar documents all take extra