Many Enness clients work globally and travel abroad extensively, and we can assist with all types of international property acquisition. However, securing finance for your new international residence isn’t the end of the story. Another important property finance issue to consider is what happens to the home you’re leaving behind, in which case you may need to consider a buy to let remortgage.
There are many reasons you may wish to retain ownership of your property. If you’re working abroad on a fixed term contract, for example, it’s extremely likely you may wish to return to the same property at the end of this period. Alternatively, you may simply be unsure about your plans, and wish to keep your property as an investment.
If you do want to let out your home when you move abroad, it’s important to note you need to alert your lender to ask for consent to let. You will likely have to remortgage onto a buy to let mortgage rate. Buy to let mortgages are admittedly charged at a higher rate, but not alerting your lender can be classed as mortgage fraud and mean you risk facing extensive charges.
At Enness, we have access to a fantastic product designed specifically for clients in this situation. This week’s Product of the Week is a buy to let remortgage for expatriates offering a 2-year fixed rate of 2.99% with 65% loan to value (LTV).
At 65% LTV, you can secure a rate of 2.99%—but if you have less equity in your home, you can also secure a 3.39% rate for 75% LTV.
- 2.99% Fixed Rate
- 2-year term
- 65% Loan to Value (LTV)
This is a highly competitive expat buy to let rate which gives clients the flexibility to let their properties but not be tied into the mortgage as there are no early redemption charges. As such, if you do wish to return you can convert your loan back to a residential mortgage without penalty—so long as it’s still affordable on a residential basis. If you’d like a further discussion on how this product could benefit you, please don’t hesitate to contact me today.