One of the trickiest things to do in the UK mortgage world is to get a UK mortgage if you don’t live in the UK currently. So for example, if you own a buy to let in London and need to remortgage but live in Australia, this can be a difficult mortgage to arrange on your own. Many high street lenders will not consider lending to you unless you live in the UK and many will not accept any form of income earned outside of the EEA. However, with the help of expert and knowledgeable mortgage advisors, sometimes a non UK resident mortgage could be possible. In this case study, we will explain how Oportfolio mortgages has managed to help a client in a far from straight forward mortgage scenario.
Non UK Resident Case Study
Our client was referred to us by another happy client that we helped in the past. Our client’s parents live in Wales and unfortunately they had gotten into some financial difficulties with their mortgage payments over the last 12 months, due to various factors. So that the issues didn’t go too far, our client had been sending money to his parents to help them to keep up with their mortgage payments. But due to the economic crisis and his parents general money issues, it wasn’t touching the sides as they used it to pay off credit cards instead. This meant that his parents eventually built up missed mortgage payments that would threaten the property with repossession if they continued.
As he was in a much better financial position than his parents, our client wanted to take over the mortgage for them in his name alone, so he can pay it and have the knowledge that both his parents and the property are in safe hands. However, the main issues was that our client, despite being a British citizen, lives and works in America. So, he would be classed as a non UK resident.
How We Helped
Prior to being referred to Oportfolio, our client had been through three separate mortgage advisers and also his own banks – all of whom told him it wasn’t possible. Due to him being a non UK resident looking to get a mortgage in Wales and other factors related to being based abroad, most high street banks and standard mortgage advisors who have a limited amount of lenders that they can access, weren’t able to help him at all.
Thinking that there was no chance for him to get a UK mortgage and assuming that his parents would probably end up losing their home, our client decided to give it one more try and contacted our specialist mortgage advisors at Oportfolio Mortgages. Even though we are based in London and the property is located in Wales, we were more than happy to help as we can help secure mortgages anywhere in the UK.
After one of our senior mortgage and protection advisors Jade Pinkerton sat down and had a conversation with our client, she completely understood what his goals and aims were and she immediately set to work contacting specialist lenders and banks to see if there was anything that could be done. As a result of her tireless research and the exclusive connections that Oportfolio has, Jade managed to find our client three different options and ways forward for him. All of which were very competitive and would allow our client to put the mortgage in his name alone, despite living in the USA and his parents would be able to live there still. Jade also discovered that there was potentially an option for our client’s parents to keep the mortgage in their name and have zero monthly payments, if that was the route that they wanted to go down instead.
Speak To a Specialist Mortgage Advisor
Our client was absolutely over the moon and so were his parents. Thanks to the connections that we have, the access to specialist mortgage lenders, and the knowledge and expertise of our advisors, our client managed to help his parents get out of a sticky situation with their mortgage. If you or someone you know is in a similar situation, or you just want to explore mortgage options in general, please feel free to drop us a message or give us a call. Our initial mortgage consultations are completely free of charge and you will be provided with your own dedicated specialist mortgage advisors.