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Living abroad, but I have a plan to get into the UK buy-to-let market. Do you think this will work and I'll get a mortgage?...


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Hi guys. While I have an Irish passport and am often in the UK for work, I live mostly in sunny South Africa.

 

I have a couple buy-to-let properties in South Africa already, but very keen to start growing my UK portfolio (Edinburgh and Glasgow to be more specific).

 

I have a UK bank account and I will have the 25% deposit required for the buy-to-let property. My concern is more about getting the mortgage for the remaining 75% without UK payslips, not being on the electoral roll, no national insurance number, etc.

 

 

I was looking at a few options and would love some feedback on these ideas:

 

OPTION A: 

- Move to the UK (for roughly a year in total).

- Purchase a property with my 25% deposit soon after arriving.

- Use bridging finance for the remaining 75% (from what I gather they are more lenient with not having payslips, although I realise the interest rates would be higher but it would be temporary)

- Live in the property for 6 month while working in the UK (getting payslips) and renovating.

- Remortgage the property as a buy-to-let (only possible after 6 month of owning the property as far as I'm aware, and by then I'll be able to apply with 6 months payslips).

- Have a management company source tenants and manage the property while I'm back in South Africa.

 

OPTION B:

- Find a lender that will help me as someone living abroad and purchase the property with a buy-to-let mortage (concern is difficulty and high interest rates from these types of lenders).

- Use a management company to source tenants and manage the property while I'm overseas.

 

 

I would love some feedback from anyone who has experience with this, or just some ideas that I may not have considered.

I'm not opposed to moving to the UK to get the ball rolling with this, and my current work is flexible enough that I can do this. But that said it would be much easier not to do that.

 

Looking forward to any advise. Cheers,

Andy

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