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Alex J.
Alex J., Solicitor
Category: Property Law
Satisfied Customers: 3696
Experience:  Two years conveyancing experience.
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Good afternoon. I am a Russian pensioner from Latvia, ( age

Resolved Question:

Good afternoon. I am a Russian pensioner from Latvia, ( age 67) and wish to buy a property to let out in UK. Please advise what conditions would I need to meet to qualify for a UK mortgage ? I do not reside in UK, but I do have a bank account in England for the purpose of a small internet business profits, which I opened when I visited UK in the past.
Submitted: 3 years ago.
Category: Property Law
Expert:  Alex J. replied 3 years ago.
Hi,

Thank you for your question and welcome.

There are no specific conditions for qualifying for a mortgage in the UK.

As this is a buy to let mortgage you will probably not receive as favorable interest rates as you would if you were living in the property.

Any bank can lend you the money it does not have to be a UK bank just because it is a UK property.

In any event if you were to use a UK bank they would likely need the following:
1. Proof of ID and proof of address;
2. Proof of funds i.e bank statements;
3. Details of the property and a valuation of it.

The best way to give banks this regulatory comfort is to instruct a solicitor to help you and to hold any deposits and verify your id. If you contact the Law Society at www.lawsociety.org.uk they will be able to recommend a solicitor.

I look forward to hearing from you.

Kind regards

AJ
Customer: replied 3 years ago.

Thank you. I spoke with a lending company in UK and they advised that I would only qualify if I held a UK passport. Can you give me more information on that please ?

Expert:  Alex J. replied 3 years ago.
Hi,

Thank you.

That is not correct. There is no pre requisite of obtaining a mortgage that you need a British passport.

You only need to be able to prove your identity to the institution. It may be that the company you applied to had this as a requirement of their lending terms.

There is no reason why you could not use a Russian international bank to lend you the funds as well. The only disadvantage maybe the exchange costs involved.

Kind regards

AJ
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