UK Mortgage Broker Hong Kong and UK
Applying for a UK mortgage is complex process and choosing the correct mortgage scheme can be challenging. You’re bound to have some questions, and that is why we have compiled this selection of questions and answers about the UK property market. If you do not find the answer you are looking for, please get in touch with us at [email protected] and our UK mortgage broker Hong Kong will help with any question you may have.
Non-UK Resident Buy-to-let mortgage FAQs
Yes. As a non-UK resident you can get a mortgage, but it does restrict the lenders you can use. There are a range of banks and private banks that lend to non-residents. Get in touch with one of our experienced UK mortgage broker Hong Kong advisors to find out about your options.
A non-UK resident will often need to put down a bigger deposit when looking to purchase a UK property. Most lenders will only lend between 50-65% of the property value. While our UK mortgage broker Hong Kong have good connected lenders could go up to 75% which is a good deal.
Yes, you can secure a mortgage if you work for yourself. Our UK mortgage broker Hong Kong have a range of lenders that can take self-employed income. You will need to have at least two years of trading and taxable income from your local Tax Authority.
We can secure mortgages on properties across the UK, no postcode preference nor restriction. Call our UK mortgage broker Hong Kong today.
Yes, as a non-UK resident, most onshore lenders will not be available to you. Most of the banks we use are UK banks with an offshore presence. They are based in the Isle of Man, Jersey and Guernsey. Some of the expat lenders are based in the UK. Call our UK mortgage broker Hong Kong today.
All non-UK resident lenders are taking more risk when lending to someone outside the UK. There are also less lenders available in this space, resulting in less competition. Therefore, we find that rates are higher compared to when you lived in the UK. Call our UK mortgage broker Hong Kong today.
Yes, buying a property through a limited company is possible, but not all lenders will allow this. It will restrict your lending options, but it is definitely possible. Call our UK mortgage broker Hong Kong today.
Yes, we have a number of lenders that can lend to Mainland Chinese residents. We will need all your documentation translated to English but as long as this is possible, and you cover the lender’s underwriting requirements, we should be able to secure your finance. Our UK mortgage broker Hong Kong also cover most from Japan, Taiwan, Singapore and Malaysia.
Non-resident lenders only allow for up to two borrowers on a mortgage application. Call our UK mortgage broker Hong Kong today.
With a mortgage you have to repay everything you owe and, until it is repaid, pay interest on the amount outstanding.
You can repay your mortgage over a term that suits you – from 10 to 25 years. When considering how long you want your mortgage to run, you should bear in mind how your income may change in the future as well as thinking about how you are planning to repay your mortgage. Most of lenders will usually only consider lending to customers whose mortgage term ends before they reach 75. Call our UK mortgage broker Hong Kong today.
When you have a repayment mortgage, the monthly payment you make gradually pays off both the amount you owe as well as the interest on it. The longer your term, the lower your monthly payments will be, but you will pay more interest overall.
If all of your mortgage is on a repayment basis, the most you can apply to borrow is 70% of the property’s value (or the purchase price if lower) – subject to lending and product criteria at the time of application.
With an interest-only mortgage, your monthly payments only pay the interest on the amount you have borrowed – you will not actually be reducing the loan itself. This means that at the end of the mortgage term you will still owe the full amount of the loan.
With an interest-only mortgage you will need to make sure you have put plans in place to pay off everything you owe at the end of your term, for example an investment or savings plan. You’ll also need to take the cost of doing this into account when comparing the costs of interest-only and repayment mortgages.
An interest-only mortgage is a higher risk than a repayment mortgage. In most cases, there is no guarantee you will be in a position to fully repay the loan amount you owe at the end of the term.
When you make your final repayment, you might have to pay an early repayment charge.
The usual and easiest way of making your payments is by Direct Debit, and you will be able to choose the mortgage payment date to suit you.