If you are an expat looking to apply for a buy to let mortgage in the UK, you may struggle a little more when applying on the high street from this week on. Natwest and RBS have both announced that they will no longer offer mortgages to expats, including applications from existing customers seeking additional finance or those wanting to extend their term.
The lenders stated a review of demand for its products from customers weighed against the costs and complexity of safely providing these deals. However, changes will not affect the lenders’ approach to foreign currency mortgages and a two-week transition period has now been implemented.
Despite proving even trickier to achieve on the high street, we can help you access the best rates available and ensure you can still secure an expat mortgage. We work with every type of lender across the market and can assure you it is still possible the obtain the right mortgage product for your circumstances as an expat.
These are not the only changes to have hit the high street this week, however, although the news is a little more promising for other spaces within the market. For example, Halifax has now applied changes to their product offering for those entering the mortgage market, by altering both its maximum age limit and the rates for its help to buy range. Cutting the rate to a very competitive, low rate of 2.5%, the lender has reduced the rate on its Help to Buy ISA from 4% to just 2.5%, compared to the likes of Santander and Virgin Money, which currently remain at 4% and 3% respectively. The rate cut comes less than 6 months after its launch, allowing any new customer to receive the lower rate (existing customers retain the 4% rate but are likely to see a drop in the future).