Expat couple looking for advice investing in LondonMake Text Bigger
First off, great site! As a wannabe investor/landlord for several years, I’ve been a keen follower of this and similar landlord online resources, which have been a great source of inspiration and learning about the landlord business. Many thanks!
My wife and I are now planning to take our first steps into residential property investment in the UK and would be really grateful for any advice and tips to help us in this journey. I have detailed our rough plan and somewhat non-standard situation below and would welcome any advice, thoughts and expert insight from the community.
My wife and I are both British expat who have been living/working overseas (currently Singapore) for close to 4 years now. We are both in our early thirties and are in employment; I do contract consultancy work and my wife has a permanent role with a large multinational.
We are now set on settling back in the UK in the next 1 to 2 years. Living abroad has been a great experience but we would now like to settle down and be closer to family. We plan to continue our careers and, at the same time, build/manage an investment property portfolio.
We are both Londoners and want to invest in London as we feel we know the area and view this as a long-term investment to benefit from capital gains. We are of course aiming for positive cash flow on rental income but do not anticipate huge month-to-month profit given the areas we are considering buying in.
We currently have a sum of £500k to invest and plan to take on BTL mortgages to initially purchase a few 1 to 2 bed flats. From our initial research and calculations, we anticipate that this should allow us to purchase 4 – 5 properties, assuming 75% LTV mortgages, purchase costs etc. We plan to rent these out and have these managed by a letting agent.
We do not currently own property in the UK as we sold our residential home in London before we left. While we do plan to stay abroad in the short/medium-term, we are keen to start investing asap and to start preparing the ground for our permanent move later, including me establishing contacts and looking for work etc.
As such, I am planning on taking an extended trip to London for 2-3 months to start the above process (with the possibility shuttling between London and abroad thereafter). The aim is to better understand the market/our options, start making connections, and scouting/purchasing property if possible. During this period, the wife will remain in her job in Singapore and I will not be formally employed.
A big step for us but one we feel is necessary to make our jump home smoother and to start our property investment plans. It would be great to get your thoughts/advice on this i.e. Does the plan seem sound? How would you go about investing in this situation? What should we look out for?
In particular, we would like to:
– better understand the likelihood of us being able to secure BTL mortgages. I understand that being expats and not currently owning residential property in the UK can make this more complicated.
– get your recommendations on good mortgage brokers/advisors in London (as well as other trusted professional e.g. solicitors, letting/mgt agents) who I could possibly get in contact with.
– get an understanding of the landlord/investment networks, clubs or communities that are around and that I could possibly plug into.
I have purposely put down a lot of detail but do let me know if you have any further questions.
Thanks a bunch!
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