Can We Remortgage if Living Abroad?

My family and I have recently emigrated.

We own a house and are currently renting it out via an estate agent. The house is valued at approximately 550k, the mortgage is 130k. We are currently on a variable rate with a leading building society but would like a fixed rate mortgage for between 3 - 5 years. The building society we are with do not have package that suit our needs.

My question is, can we remortgage if we are living abroad?


Ask the Specialist response:

Thanks for sending in the query.

We do help clients who have emigrated and are looking to remortgage their existing property. They may be looking to remortgage for a wide variety of reasons such as obtaining a better deal or releasing equity for home improvements or purchase of another property.

From the query it would appear that you are looking for a fixed rate for a period of time so you have some certainty on mortgage payments and are able to budget effectively.

Although there are fewer lenders than a couple of years ago providing expat mortgages, there are a number we work with that maybe able to assist on a fixed rate basis.

If you are renting the property, you would have to have at least 25% equity in order to switch the mortgage to a fixed rate expat buy to let scheme.

Additionally, you may find that the country in which you now live may restrict the lenders available to you - for instance quite a few lenders will not consider expats in Australia.

To obtain an indication on a fixed mortgage rate you can either check our selection of expat mortgage rates or alternatively I'd recommend speaking to one of our Advisers on +44 203 216 2037 or send us an enquiry online.

David Rostron MEng(Hons) CeMAP CeRER
Business Manager