Remortgage from residential to buy to let for clients moving overseas

11th October 2017

Chris Lloyd

Remortgage from residential to buy to let for clients moving overseas
Chris Lloyd

Chris Lloyd

Many homeowners prefer not to sell their properties when moving abroad, whether that’s to keep a foothold in the relatively stable UK property market, or because they plan to return to the property in the future. Such clients will therefore need to remortgage from residential to buy to let mortgage products.

I recently assisted a married couple who were moving overseas. The wife was Swedish but had been residing in the UK for many years, whilst the husband was British.

They owned a lovely home in the UK, which had been their primary residence for many years. However, my clients were now looking to move to Sweden to liver closer to her family. They were keen to keep this property as an investment and therefore needed to remortgage their property to a buy to let.

However, there were a number of issues. Both husband and wife would be starting new jobs in Sweden and would be paid in a foreign currency. Many lenders are unwilling to lend to clients moving overseas, and as the couple would both be starting new roles, this was an increased risk. As the wife was a foreign national, this was also a source of concern for lenders.


Their current lender was going to increase the rate to over 4.5%, which was more than my clients hoped to pay. I, therefore, approached a lender I know from experience is prepared to work with UK based clients moving overseas.

I provided this lender with my client’s new employment contracts, reassuring them my client’s employments will be permanent and stable. As my clients also had a tenant lined up for their property, I arranged for the tenancy agreement to be sent to the lender, assuring them the rental payments would be met.

I was able to arrange for the mortgage to be on an interest-only repayment basis, ensuring my clients would make a good profit on the rental income. I was also able to negotiate a rate of just 2.94%; other lenders will typically offer rates between 4-5% for this type of loan, so this was an excellent result.

If you have a mortgage product which you need to remortgage from residential to buy to let, I would be delighted to advise you further.

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