Borrowing for UK Buy to Let as an expat?
Hi all, I am in the process of moving abroad. My income from overseas would be considerably larger and I was planning to invest it into Buy to Let in the UK.
The broker I usually speak to practically said it would not be possible as an expat with income abroad to get funding for BTL purchase back in the UK.
My questions are:
1. Is it possible to buy BTL through a limited company in the UK whilst working/ living abroad and having income abroad?
2. I already have one personal BTL in the UK with an annual rent of £30k. Can this be used as a minimum income requirement for the BTL mortgage to keep things simple?
Many thanks, M.
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Member Since February 2021 - Comments: 106
9:13 AM, 31st May 2023, About 3 years ago
Forget it dude
No money to be made if you need a mortgage
Member Since October 2021 - Comments: 5
9:20 AM, 31st May 2023, About 3 years ago
I am an expat who buys through a limited company. Last year I had no problems – this year I’ve not tried but if the deal is good enough then financing shouldn’t be a problem depending on what country you’re sending money from. Perhaps you need to talk to other brokers.
Member Since May 2023 - Comments: 8
10:57 AM, 31st May 2023, About 3 years ago
Try CapC in Alcester, Warwickshire, they could probably help.
Member Since April 2021 - Comments: 1
2:01 PM, 31st May 2023, About 3 years ago
We did the same and purchased both personally in our own name and via a limited company. We were informed that we would need a specialst broker. We’ve used Capital Fortune a couple of times with great success in the past. Not sure how competitive they are on price but they were extremely supportive during all the hiccups we encountered during Covid times and changes to all the rules etc
I hope this helps – best of luck with your purchases
Member Since January 2011 - Comments: 12193 - Articles: 1395
7:20 AM, 1st June 2023, About 3 years ago
It is possible but the likelihood is that your mortgage rate will exceed your gross rental yield. If that is the case then what’s the point unless you’re speculating on capital growth and prepared to deal with the hassle and other costs associated with letting?
Also note that non-residents pay an extra 2% SDLT even if you buy through a UK company.