Are you researching mortgages for a British expat in Singapore? Whether you’ve recently moved to Singapore and need to remortgage your home in the UK, or are simply looking into the general mortgage options for British expats in Singapore, read on to discover how we helped one expat arrange buy to let finance for his UK home.
Whether you’re ready to secure a UK mortgage as a British expat in the Singapore, or simply want to learn more about UK property for expats, our guide can help. Download Maximising your borrowing as an expat or foreign national.
The client:
Our client had recently relocated to Singapore from the UK. Having moved for work purposes, he was still employed by the same global accountancy firm. However, he would now be earning in Singapore dollars rather than British pounds – and this, in combination with his very recent expat status, posed a challenge.
This individual hoped to turn his £1.3 million home into a buy to let, given he would now be living full time in Singapore. This is very typical of British expats who move abroad; most want to retain a foothold in the UK property market, either to return to in the future or because UK property is considered such a stable long term investment. While refinancing this asset, he also hoped to release equity from the asset to use to begin a wider property portfolio.
Unfortunately, he was struggling to find the appropriate solution. Clients in this position are often left are in limbo: most lenders require residents to be out the country for at least six months before they can be considered as expats. Having only recently vacated the property, the client’s case was classified as a consumer buy to let, meaning it needed to be a regulated loan. This is something the majority of lenders shy away from.
Our solution:
Our client was keen to find a fast and straightforward resolution, considering he was now working halfway across the world. He also specified that he was looking for a tracker rate, to take advantage of historically low interest rates at present.
We approached a niche building society who has the capacity to deal with regulated mortgages. To offer a UK mortgage for a British expat in Singapore or anywhere else, this lender would usually require three months’ worth of payslips in the relevant country. However, due to our close relationship with them, we were able to negotiate that one month’s payslip plus a reference from the client’s HR manager would suffice.
This illustrates how valuable the right broker connections can be; in the complex world of high net worth mortgage finance, relationships are just as key as market knowledge. We were able to secure the terms required on an interest-only basis, and also on a tracker rate, as requested by the client.
Read more on how we can secure a UK mortgage for British expats here.
The case in brief:
- Mortgage for a British expat in Singapore
- Expat turning main residence into buy to let
- Finance agreed with niche building society
- Tracker rate to take advantage of low interest rates