I need to remortgage but cannot find a lender. Positive aspects are that I need only a £250,000 loan for a flat in Richmond, Surrey worth over £1.2m. It is currently being let for £2,260 a month. In addition, I have a pension and investment income of over £40,000 pa, plus I own outright three properties in Hungary.
The problems are that I am 72 years old, currently reside in Hungary, and am a dual US and Hungarian national (I lived in London between 1974 and 1988, and have held a UK bank account since 1974).
Any chance of getting a mortgage to last for at least eight years? I would prefer interest only but can consider a repayment mortgage. My desire to extend the mortgage is because I would like this flat to become an investment income producer for my two daughters - one lives in London and owns her own flat with no mortgage and the other lives in Paris. Could my application be improved by my gifting one third to each of my daughters now?
I am afraid that as a foreign national and non UK resident, your options are extremely limited. Your best chance of obtaining funding is to approach an international division of a UK bank directly, or a Hungarian bank which has a presence in the UK.
Alternatively, it might be possible for you to sell the property to your London-based daughter now. If she has a permanent right to reside in the UK – this might open up more funding avenues. We would be able to look at your specific circumstances to see if this route is viable. Do get in touch if you don’t already have a broker. You can call us on 0845 345 6788.