# Uk mortgage once expat in Dubai



## RoJodubai (Jul 24, 2013)

Hi folks,

After receiving some excellent advice on the salary thread (thank you Vantage), my wife and I are going to accept the offer of a move out to Dubai.

Thinking about the future, about investments efc, Does anyone know of any UK bank that will give a mortgage on a property in the UK, when of course I'm not salaried there any longer. 

If it helps, I'm an HSBC premier account holder.

Thanks


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## vantage (May 10, 2012)

Oops! dont blame me!


Is this an existing mortgage, or a new mortgage?
My mortgage company don't know I've left! Post diverted to my parents!

There are expat mortgage companies. Nothing I've looked at, though.


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## RoJodubai (Jul 24, 2013)

Haha, will come looking for you if it all goes wrong 

Well, we have an existing mortgage (almost paid up), but I'm not worried about that one. We will rent that house out, and I can use my mothers address for correspondence.

I'm thinking of a new mortgage. I will have a look at expat mortgages, but if they are anything like overseas mortgages that uk banks offer, they're going to be with pretty high interest rates and large deposit terms. 

Will email hsbc and see what they say.


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## Brav0 (Feb 11, 2013)

would love to here the outcome of this 

I have a mortgage on my property in the UK, also forwarding on my post to my parents.

However my 2 years fixed term expires in December and I'm not sure what to do? Do I just go on variable rate for the rest of the term? that way I dont need to fill in new paper work etc or come clean and try and get another fixed rate?

Any advice welcome?


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## Canuck_Sens (Nov 16, 2010)

LOL,

Listen I was on the same boat not long ago.I could not find any Canadian bank to offer me a Mortgage, but I found UK lenders that would lend to expats.

There are UK lenders that will lend to British nationals making money overseas. See Barclays, run a search on International mortgages in Google.

And yes interest will be higher but then again you will be making more won't you ? You cannot have it all


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## Canuck_Sens (Nov 16, 2010)

If you are about to pay off you can always Renegotiate your current mortgage to more 5 years ( I am not sure how it works there in the UK) before you quit your job. That will provide some peace of mind or perhaps allow you become mortgage free by that time? just a thought


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## vantage (May 10, 2012)

i'm on a fixed 5 year deal, before it reverts to the standard rate.
3 & 1/2 years to go.

In 3 & 1/2 years, i'll either re-mortgage, let it roll over to standard rate (depending what it is), get an expat mortgage, pay the whole thing off, or sell the house.

lots of options, and lots of time to worry about it!


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## vantage (May 10, 2012)

Brav0 said:


> would love to here the outcome of this
> 
> I have a mortgage on my property in the UK, also forwarding on my post to my parents.
> 
> ...


It all depends on whether they do another credit check if you try and fix again.
If they do, i think you're humped.


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## Brav0 (Feb 11, 2013)

vantage said:


> It all depends on whether they do another credit check if you try and fix again.
> If they do, i think you're humped.


hopefully if i let it roll over to variable they shouldnt need to do one?


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## xxxxxxxxxxxxxxxxxStewartC (Mar 3, 2012)

You shouldn't have any trouble if you get a buy to let mortgage. It's a slightly higher rate but it should be a formality and keeps everything above board. Best arranged through a broker.


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## Canuck_Sens (Nov 16, 2010)

Agreed. A broker is the best for the best deals usually when you are still living in your home country. Once you move though the pool of lenders diminishes considerably.

I would stay with variable rates if I were you because Mark Carney already signaled that rates will remain low for the foreseeable future in the UK. If you are locked in forget it. If you are about to renew, though, you could go after 3 year variable rate and then lock in the rate. If the contract allows you to lock it after a period of time (say a year or two) that's even better I find.


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## xxxxxxxxxxxxxxxxxStewartC (Mar 3, 2012)

I wouldn't advise anyone either way but I feel it IS time to fix as when interest rates do go up, they might go up very quickly. I see a fix as an insurance policy so I know that I can cover the payments and still continue to save. There are attractive fixed rate deals at present in the UK. If any of us knew what was going to happen to interest rates we would be far too rich to be bothering posting on internet forums. But it is a good idea now to look into this in some depth and decide what it is right for you.


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## BBmover (Jun 15, 2013)

StewartC said:


> You shouldn't have any trouble if you get a buy to let mortgage. It's a slightly higher rate but it should be a formality and keeps everything above board. Best arranged through a broker.


We changed our mortgage to buy to let before leaving, fixed rate for 2 years and no more expensive than regular mortgage. The standard variable was only slighter higher so it was a minimal saving but still a saving over the coming 2 years. Shall look at what we do in 2 years.


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## Canuck_Sens (Nov 16, 2010)

StewartC said:


> I wouldn't advise anyone either way but I feel it IS time to fix as when interest rates do go up, they might go up very quickly. I see a fix as an insurance policy so I know that I can cover the payments and still continue to save. There are attractive fixed rate deals at present in the UK. If any of us knew what was going to happen to interest rates we would be far too rich to be bothering posting on internet forums. But it is a good idea now to look into this in some depth and decide what it is right for you.


Your post is confusing. You would not advise either but recommend looking and then think rates might go up quickly? I think everybody realizes that is better to go fixed when the rates are about to go up but the timing is unknown.

Either you don't trust what the BoE Governour is saying or else. Rates are remaining low in the UK thanks to the signal. Nobody knows the perfect timing for rates going up but with the signal you can make an honest guess and 2 to 3 sounds reasonable. Otherwise there is no point for the BoE to signal the rate movement to markets. See forward guidance on rates.

With the signal, BoE is telling everyone cheap money is on and we will let the inflation float.


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## xxxxxxxxxxxxxxxxxStewartC (Mar 3, 2012)

Canuck_Sens said:


> Your post is confusing. You would not advise either but recommend looking and then think rates might go up quickly? I think everybody realizes that is better to go fixed when the rates are about to go up but the timing is unknown.
> 
> Either you don't trust what the BoE Governour is saying or else. Rates are remaining low in the UK thanks to the signal. Nobody knows the perfect timing for rates going up but with the signal you can make an honest guess and 2 to 3 sounds reasonable. Otherwise there is no point for the BoE to signal the rate movement to markets. See forward guidance on rates.
> 
> With the signal, BoE is telling everyone cheap money is on and we will let the inflation float.


I'm not qualified to give advice and don't mean to confuse anyone. No, I don't trust what the Governor of the Bank of England says because I don't think he knows what's going to happen either. BoE rate guidance really has meaning only from month to month.

I'm going for a long fix on my BTL remortgage because it suits my plans and circumstances. I wish I knew what was going to happen to UK interest rates but I don't!


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## Canuck_Sens (Nov 16, 2010)

Nobody really knows, but if the BoE already put forward a note stating that rates are going to be low, I frankly see no reason for your disbelief. Actually, the committee released that in writing and interest rate fell immediately after the announcement.

If they offered such guidance and go back, the reputation of BoE would be greatly affected. Also markets would go in disarray. So I don't think they would play with this really.

This is how everyone strategizes their financial choices. You have your endogenous info, but you need exogenous too. The tough part is to forecast rates, but clearly here they confirmed that they will have a very accomodating policy for the time being.

So you know, once they confirmed that rates are remaining low all mortgage products went down in interest.

I would have agreed with you if I had read that they think inflation is high....then for sure he is stating that Rates will go up, but this is not the case.


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## NewAndConfused (Jul 22, 2013)

*Updates*

Hi everyone, 

was just reading this thread and wanted to get updates if I may on how you have proceeded .

@bravO: I m more or less in the same situation and not sure what to do. My 2 years variable mortgage will end at the end of April and will have to review the mortgage terms at that time, but I m not if It's better to go ahead and sell my cute 1 bed flat and buy in Dubai . or just rent the London flat and rent in Dubai as we wont have enough deposit for the 75% mortgage . 

We are moving to Dubai in 3 months and for now we are living in our owned flat . 
I will go and meet w hsbc soon and see what they can offer . 

tough tough decision looking at the boom in Dubai and the high selling prices in London , it's looks like a very good time to sell here : (


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## Yoga girl (Oct 19, 2008)

RoJodubai said:


> Hi folks,
> 
> After receiving some excellent advice on the salary thread (thank you Vantage), my wife and I are going to accept the offer of a move out to Dubai.
> 
> ...


HSBC Expat in The Channel Islands offers this service. I can give you the contact details of a Premier Relationship Manager there if you need details . Otherwise you can contact the Expat team there.


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