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FINANCING FOR OVERSEAS FIRST TIME BUYER WITH UK LTD COMPANY


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Hi All

 

I have been through a number of the discussions on this forum and the information has been very helpful. However, I would still like to have some advice to my specific situation if possible.

 

I'm located in Hong Kong and have set up a UK limited company. My available cash pot is small at GBP30K but would like to do a first buy to start building a portfolio to enable me to approach JV investors. I am looking in the North and Midlands area and open to a bridging loan for the purchase but need to know if I would be able to get a mortgage so that the bridging can be repaid, otherwise it's not going to work.

 

I would love to have some feedback and advice as I am at a crossroads as to whether I should pursue this property investment scenario or just shelve it for the time being.

 

Thanks heaps, guys

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Hello,

 

If your a british citizen, then you should be able to get an expat buy to let mortgage, how ever they usually require you to own a residential or buy to let.

Am currently dealing with a case for a Ltd company purchase where their are 2 partners who have shares in the Ltd company. One was a british citizen the other was a foreign national. The foreign national was not allowed to have more than 25% shares in the ltd company in order to fit the lenders criteria. They are first time buyers. Although they don't own any property they had experience as a landlord as they took over the lease for residential and commercial buildings and then sub let rooms out to tenants.

 

Hope that helps

 

Regards,

 

Sami

 

 

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Hi Sami

 

Thanks for your response. Personally, I am a foreign national but have set up a limited company domiciled in UK but the information I am getting is it is still very difficult to get a mortgage, especially for a new company.

 

Thanks again

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Phyllisli I am in the exact same situation.

 

I do not own a residential property in the UK (currently rent one though), and I am looking for buy to let mortgages via a limited company.  So far no one can help me - i.e. every bank has said no due to:

 

  1. Being on a T2 Visa
  2. Not having a residential mortgage in the UK
  3. Buying via a limited company

For me it seems to be a case of "3 strikes you're out".  This is extremely frustrating because I've done all the numbers & stress tested them, and I know I can make it work - all I need is the finance.

 

If anyone has had any success on this please let me know!

 

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Hi Phyllisli and Keith

 

There may potentially be other methods of securing finance from non-traditional banks if you're willing to research a bit more into them. 

 

For example, there's peer-to-peer lending which was a suggestion from another forum (Tribes) - not sure if I can post the link here but happy to message it to you if you want to investigate / enquire further. However, be aware that the rates are generally higher than the standard BTL due to the perceived higher risk.

 

 

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  • 4 weeks later...

DerekT If peer-to-peer lending can work please I'd like to know more.

 

I'm in the same situation. T2 general visa since Jan 1, 2014.

 

T2 maximum is for 5 years (with the view of applying ILR after 5 yrs) therefore my visa is until Dec 31 2018...

 

But lender needs my visa to be valid for more than 3 yrs.   This is impossible!

 

I'm looking for solutions. Has anyone encountered this before?

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