British Expat Mortgages

Hi Everybody,

Having gone through the process (and going through it again) I am reminded of why British Expats can be put off buying BTL properties back home and/ or remortgaging to release equity in their existing UK properties - it’s an exhausting process. It’s a shame as my property yields 7% and the capital appreciation tracks better than the Sydney market (based on average statistics).

I know there’s a market for a Buyers Agent/ Expat Mortgage Facilitator but I’m interested in establishing how strong the demand is.

My business idea is to start a UK-orientated Expat Mortgage Facilitation and UK Buyer’s Agent business.

1. Obtain the expat mortgage for the Client
2. Find and present suitable BTL properties in the same way an Australian BA would; breakdown of costs, returns, yields etc and complete the negotiations/ deal on behalf of your Client

Full turnkey service.

Thoughts, feedback and advice all well received

 

Unlicensed & unqualified credit services ?
Unlicensed & unqualified real estate agent services ?

 

What made you assume my staff would be unlicensed/ unqualified?

Have you written to Richard Branson and asked if he has a Pilot License and Personal Training Qualifications?

 

It was a question. Touchy or what ? It will be relevant if you are offer those services. I wasnt asking about your staff. The entity and its representatives must comply.
Throw PI cover into this too perhaps.You could even find you need to come up to speed on FIRB rules to avoid assisting anyone breaching laws on prohibited acquisitions if here. Or if UK their equal.
Credit licensees | ASIC - Australian Securities and Investments Commission. may not apply but could UK rules ?

Despite being AU based you could find UK compliance is required.

Part of the process of commencing any business is to ensure all regulatory issues are met, if required. Its something I do professionally and yes sometimes people think they can bypass regulation so it is important. A local or foreign lender for example may decline involvement with a unregistered entity or one that is unsuitable as a intermediary and other compliance may still be required. I just encountered someone last week who queried importing supplements. I suggested they check with the TGA and they found the item is prohibited but can be manufactured to schedule here (a license they will never get until they invest tens of millions)..And they had arranged samples to arrive. They had to hurriedly ensure these were not sent. I know jack about the TGA and its rules but it was a compliance issue for them to check.

 

Good luck on getting finance for an British Expat in the current climate.

I have property in the UK, Bank with HSCB International, have a 7 figure AUS income and yet do not qualify for a 50% lvr.

Certainly licensing requirements are a lot different to what they are in Australia but still i think you would struggle to get it off the ground.

Cheers


Richard

 

I got one but it took a lot of tenacity and patience, persisting with collating all the necessary paperwork. Low 6 figure AU salary, 3.59% IO fixed for 5 years. Went from 50% LVR to 25% and banked the equity.

If you know what’s required and who to speak to on the ground, it can be done, that’s why I’m interested in starting a business that facilitates this.