Expats may lose out when investing in UK property

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Expats purchasing buy to let property in the UK may not be getting the best deals. If purchasing with cash, a person with foreign funds outside of the UK will have to exchange the money from a foreign currency to Great Britain Pounds. Large high street banks can transfer the money, but expats can save up to 4% in transfer fees if using an alternative transfer method.

When the expat applies for a commercial mortgage for a buy to rent home, they may not be getting the best interest rates. If they go direct to a high street bank or building society they probably will not be getting the best deal. A mortgage broker will be able to source the best mortgage deals and can also help with the loan application process to make sure that the expat provides the correct documentation to support their loan application.

There are an increasing number of expats wanting to invest in UK property. Often, they buy property to rent out for a few years then use it as their prime residence when they return to the UK after their job abroad comes to an end. Though it is advisable to visit the property before purchasing this is not absolutely necessary. An expat can sort out the deal from abroad. A mortgage broker can arrange the commercial mortgage and a letting agency can find tenants and collect rents.

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