Ask the Specialist

Capital Fortune are asked to help clients on a daily basis, whether it be with a new purchase, remortgage, buy to let or something more unusual. We typically help clients with non-standard, unusual or complex situations and have created this section to allow you to ask our team of specialists any question you may have. Feel free to browse the list of questions and responses. Please note we provide information only in response to the questions posed and not advice. If you do seek advice then feel free to speak to one of our Advisers by calling 0207 710 0400 or send us an enquiry online and one of our Advisers will call you back.

I live and work in Australia - can I get a mortgage on my London property?

on 11 February 2014.

Can I get a mortgage if I live and work in Australia?

I have a property in London which is rented out, however my existing lender has said they are going to increase my interest rate as I am overseas.

What are my options?

Ask the Specialist response:

That is a really good question.

A lot of expats based overseas ask us very similar questions. Many of them tell us they are finding it difficult to get a lender to lend to them given their residency overseas.

The key issues here are going to be the property value, mortgage required, rental income the property achieves and then what you are doing for a living in Australia.

Currently - on a buy to let mortgage as an expat you would be looking at having at least 25% equity in the property. Alternatively if the property was a holiday let then at least 30% equity would be required. Finally, if the property was occupied by a family member or you were to use the property as your main UK residence then at least 10% to 15% equity would be required.

Most lenders will require you to be employed, however as a comprehensive panel of lenders broker we do have access to lenders that will consider expat mortgages for the self employed.

To obtain an indication on mortgage rate you can either check our selection of expat mortgage rates or alternatively I'd recommend speaking to one of our Advisers on 0207 710 0400 or send us an enquiry online.

David Rostron MEng(Hons) CeMAP CeRER
Business Manager