Expat holiday let mortgages are a specialist product, which means that there are many lenders that don’t offer them, and you will need to use an adviser who can access them.
When applying for an expat holiday let mortgage, you need to be residing in a country that isn’t subject to any property sanctions.
If you’re a self-employed expatriate, your business needs to be searchable and must have a minimum of three years’ accounts that have been compiled by a qualified accountant.
Already owning a property in the UK is desirable for lenders but it’s not a necessity. What is, however, is that you have a UK bank account in your name.
If you’re self-employed, you will need a minimum of a 40% deposit or 30% for employed, subject to rental cover.
When purchasing a holiday let property, it is viewed by the lender as a commercial decision, as you are looking for a return on your investment, which means you need to choose your property carefully.
As a result, the lender looking at your application will want to look at the commercial viability of the property that you’re looking at purchasing.
For further information on how you could get a holiday let mortgage whilst you live abroad, or if you want any other form of expat mortgage, speak to one of our expert advisers who will be able to help you with the next steps.