If you\u2019re a Brit living and working overseas, you may be tempted to invest in\u00a0<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/buy-to-let-mortgages\/">buy to let (BTL)\u00a0property<\/a> back in the UK.\r\n\r\nMany expats earn better salaries abroad than they do in their home country, and the correspondingly lower cost of living can leave you with a modest amount of disposable income each month.\r\n\r\nBut can you get a buy to let mortgage if you live abroad?\r\n\r\nAnd what do you need to think about before investing in a UK BTL?\r\n\r\nThis article covers the following:\r\n<ul>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/overseas-mortgages\/buy-to-let-mortgage-overseas\/#is-it-possible">Is it possible to get a UK buy to let mortgage as an overseas resident?<\/a><\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/overseas-mortgages\/buy-to-let-mortgage-overseas\/#why-invest">Why invest in a UK buy to let as a British expat?<\/a><\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/overseas-mortgages\/buy-to-let-mortgage-overseas\/#risks">Risks getting a UK buy to let mortgage from abroad<\/a>\r\n<ul>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/overseas-mortgages\/buy-to-let-mortgage-overseas\/#lenders">Lenders<\/a><\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/overseas-mortgages\/buy-to-let-mortgage-overseas\/#identity-checks">Identity checks<\/a><\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/overseas-mortgages\/buy-to-let-mortgage-overseas\/#foreign-currency-exchange-rates">Foreign currency & exchange rates<\/a><\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/overseas-mortgages\/buy-to-let-mortgage-overseas\/#blacklisted-countries">Blacklisted countries<\/a><\/li>\r\n<\/ul>\r\n<\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/overseas-mortgages\/buy-to-let-mortgage-overseas\/#other-factors-impact">What other factors impact expat mortgage eligibility?<\/a>\r\n<ul>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/overseas-mortgages\/buy-to-let-mortgage-overseas\/#deposit">Deposit<\/a><\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/overseas-mortgages\/buy-to-let-mortgage-overseas\/#affordability">Affordability<\/a><\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/overseas-mortgages\/buy-to-let-mortgage-overseas\/#bad-credit-history">Bad credit history<\/a><\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/overseas-mortgages\/buy-to-let-mortgage-overseas\/#age">Age<\/a><\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/overseas-mortgages\/buy-to-let-mortgage-overseas\/#non-standard-construction">Non-standard construction types<\/a><\/li>\r\n<\/ul>\r\n<\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/overseas-mortgages\/buy-to-let-mortgage-overseas\/#overseas-specialist">Speak to an overseas buy to let mortgage expert<\/a><\/li>\r\n<\/ul>\r\n[feefo-banner]\r\n<h2 id="is-it-possible">Can I get a UK buy to let mortgage if I live abroad?<\/h2>\r\nYes, it is possible to get a UK buy to let mortgage as an overseas resident.\r\n\r\nRegardless of whether you are living abroad on a temporary or permanent basis, if you\u2019re looking to get a UK mortgage while you\u2019re away from your home country, you will need to approach a <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/uk-expat-mortgages\/">specialist expat mortgage<\/a> provider.\r\n<h2 id="why-invest">Why get buy to let mortgages when living abroad?<\/h2>\r\nThe number of British expats looking to buy property in the UK continues to increase, and there has been a particular pick up in more affluent parts of the world.\r\n\r\nExpats usually earn a generous salary and pay little (if any) tax, depending on where they are based. What\u2019s more, some companies pay for accommodation when their employees are relocated overseas, meaning plenty of disposable income.\r\n\r\nMany people therefore look to invest in a BTL in their home country, perhaps as a means to provide retirement income, let out to friends or family members, and \/ or to live in upon their return to the UK.\r\n<h2 id="risks">Risks surrounding international buy to let UK mortgages<\/h2>\r\nStrict rules and more detailed administration processes mean that there are far fewer lenders who are willing to offer expat lending. Issues surrounding repayments in foreign currency and restrictions on certain countries can cause further problems.\r\n\r\nHere are some of the main problems British expats face when applying for a UK BTL mortgage:\r\n<h3 id="lenders">Lenders<\/h3>\r\nOne of the biggest issues British expats seeking a UK mortgage face surrounds the comparatively small number of providers willing to lend.\r\n\r\nAlthough there are certainly more providers offering expat home loans than there were a few years ago, a limited number of high street banks offer this product means that you may have to rely on specialist lenders and smaller building societies.\r\n\r\nCorrespondingly, expat BTL mortgages tend to be more expensive in terms of interest rates than the standard UK BTL.\r\n\r\nFurthermore, most lenders will want you to have some form of traceable credit history in the UK.\r\n\r\nTo ensure you get the most competitive deal, be sure to\u00a0<a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/match-me-with-an-overseas-specialist">contact a whole of market broker<\/a>.\r\nWith access to over 100 lenders covering all niches, we can identify the best BTL mortgage deal for you as an overseas investor.\r\n<h3 id="identity-checks">Identity checks<\/h3>\r\nExpect stricter, more rigorous identity checks to be carried out if you are an expat borrower. All mortgage lenders want to know exactly who it is they are lending to, which of course can be more difficult to prove if you are based abroad.\r\n\r\nSome providers will require that the applicant meets them in person, meaning you may have to return to the UK before a mortgage is approved. Others will dispatch a representative to your place or residence to carry out the necessary identity checks, particularly if you\u2019re a high net worth customer.\r\n<h3 id="foreign-currency-exchange-rates">Foreign currency and exchange rates<\/h3>\r\nFollowing recent changes to European regulations, individuals <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/income-types\/mortgage-with-overseas-income\/">paid in a foreign currency<\/a> are subject to closer scrutiny when\u00a0<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgage-application\/">mortgage applications<\/a>\u00a0are assessed so as to reduce the risk of money laundering or other\u00a0criminal activity.\r\n\r\nWhile exchange rates should not be too much of a factor for BTLs (where rental income determines\u00a0<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgage-affordability\/">affordability<\/a>) it can significantly impact your affordability for a residential mortgage. Some lenders will deduct up to 25% off the current exchange rate to protect against risk.\r\n\r\nBear this in mind if you leave your BTL property empty or have family residing in it while you are out of the country.\r\n<h3 id="blacklisted-countries">Blacklisted countries<\/h3>\r\nThe country you\u2019re based in can also be the make or break of a mortgage application. Most lenders will have a list of countries they are happy to lend to residents of. If your home country isn\u2019t listed then they are unlikely to consider you.\r\n\r\nLenders tend to be most cautious concerning countries where there are known issues with corruption or money laundering - but there may be caveats.\r\n\r\nFor example, if you\u2019re based in a \u201cblacklisted country\u201d but are working for a multinational company, a mortgage provider might be happy to accept you if you can get an official employment reference.\r\n\r\nIf you\u2019re residing in one of these countries on a\u00a0<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/self-employed-mortgages\/">self-employed<\/a>\u00a0basis, a lender may be more willing to consider your application provided you use a recognised accountancy firm.\r\n<h2 id="other-factors-impact">What other factors impact eligibility for a UK BTL expat mortgage?<\/h2>\r\n<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/buy-to-let-mortgages\/btl-eligibility-criteria\/">Lending\u00a0criteria for BTL<\/a>\u00a0expat mortgage providers can vary from one company to another, but most lenders have the following requirements:\r\n<h3 id="deposit">Deposit<\/h3>\r\nAs a general rule, most UK lenders require a minimum of 25%\u00a0<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/deposits\/">deposit<\/a>\u00a0(75% loan to value) for BTL properties. In this case however, lenders may request a\u00a0<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/deposits\/high-deposit-mortgages\/">larger deposit<\/a>\u00a0due to the associated risk and limited number of lenders supplying this product.\r\n\r\nDepending on your individual circumstances, you may be required to put down around 30-45% of a property\u2019s value to stand the best chance of being approved for a UK mortgage as an overseas resident.\r\n<h3 id="affordability">Affordability<\/h3>\r\nAs mentioned,\u00a0<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/buy-to-let-mortgages\/#affordability">affordability for BTLs<\/a>\u00a0tends to be determined based on rental income rather than individual earnings. Many lenders require rent to exceed mortgage repayments by 125-145%, whereas others may take a limited amount of earned income into account.\r\n\r\nIn the case of rental shortfall, a handful of lenders may accept be happy to accept your own earnings even if they are paid in a foreign currency - provided it is on their approved currency list.\r\n<h3 id="bad-credit-history">Bad credit history<\/h3>\r\nWhen it comes to bad credit, every is different in what they will or won\u2019t accept. Some will refuse anyone with a history of adverse, whereas others will consider even the most severe instances - in the right circumstances.\r\n\r\nDon\u2019t lose faith if you\u2019ve had credit issues in the past; more often than not, the recency of the issue is the most important factor. For more information, visit our<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/bad-credit-mortgages\/how-to-get-a-mortgage-with-bad-credit\/"> bad credit mortgages <\/a>section.\r\n<h3 id="age">Age<\/h3>\r\nOlder borrowers can struggle getting any type of mortgage due to the perceived risk of\u00a0<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgages-for-pensioners\/">lending into retirement<\/a>. Some providers won\u2019t lend to anyone over 75, and others over 85.\r\n\r\nThat said, some lenders have\u00a0<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgages-for-pensioners\/maximum-mortgage-age\/">no upper age limit<\/a>, as long as they\u2019re confident the borrower can keep up with their mortgage payments during retirement. This can work in favour of BTL applicants as the provider will be basing your application on rental rather than personal income.\r\n<h3 id="non-standard-construction">Non-standard construction types<\/h3>\r\nEvery lender is different, but many don\u2019t accept property that is non-standard, unique, or listed, generally because they fear the properties are higher risk and less sellable.\r\n\r\nThat said, there are lenders out there who are happy to consider a wide range of property types. See our\u00a0<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/property-types\/non-standard-construction\/">non-standard property<\/a>\u00a0section to find out more on this.\r\n<h2>How do I go about changing my mortgage to buy to let if I\u2019m moving abroad?<\/h2>\r\nThis would essentially be a straight remortgage from residential to buy to let, so check out our dedicated article on\u00a0<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/remortgages\/remortgage-guide\/">remortgages<\/a>\u00a0for criteria information. Bear in mind though, that some lenders might be cautious of a borrower who is on the verge of relocating to an overseas territory, so a specialist provider may be required.\r\n\r\nThe whole-of-market advisors we work with have access to a wide range of lenders who specialise in BTL mortgages for customers who are relocating, so\u00a0<a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/match-me-with-an-overseas-specialist">make an enquiry<\/a>\u00a0to speak with one of them over the phone today.\r\n<h2>Why you should speak to a whole of market mortgage broker<\/h2>\r\nWe\u2019ve helped over [customers_helped] people find the right mortgage, even those who may have been declined a mortgage or had bad credit history.\r\n\r\nIn fact, our customers consistently rate us 5 stars on Feefo, mainly due to our high levels of service, but also because we offer offers a 5-star service with access to expert brokers who are:\r\n<ul>\r\n \t<li>Whole of market.<\/li>\r\n \t<li>Have a working relationship with all buy to let lenders, not just a select few.<\/li>\r\n \t<li>Already know the lenders to go to for expat and BTL deals as they successfully arrange these already.<\/li>\r\n \t<li>OMA Accredited advisors.<\/li>\r\n \t<li>Have completed a 12 module LIBF accredited training course.<\/li>\r\n<\/ul>\r\n<h2 id="overseas-specialist">Talk to an expert about buy to let mortgages for overseas investors<\/h2>\r\nIf you like what you\u2019re reading or require more information, call Online Mortgage Advisor on 0808 189 2301 or\u00a0<a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/match-me-with-an-overseas-specialist">make an enquiry<\/a>.\r\n\r\nThen sit back and let us do all the hard work in finding the broker with the right expertise for your circumstances. We don\u2019t charge a fee, and there\u2019s no obligation or marks on your credit rating.