aeroplane over london mortgage foreign investors

New mortgage products will “unlock opportunities” for overseas investors

Non-UK residents now have a new mortgage option to choose from, and investors based in Hong Kong, China and Singapore can take advantage. 

Molo Finance, a specialist lender that offers a unique range of digital mortgage products, has just entered the non-UK resident lending space with its new range of buy-to-let products for investors based overseas. This is in response to ongoing high levels of interest from foreign buyers, particularly those based in Hong Kong, China and Singapore.

The new range is intended to “unlock investment opportunities” for buy-to-let property investors around the world who want to capitalise on the long-term strength of the UK’s housing market, and removes the need for investors to have a UK bank account.

Molo’s new overseas investor financing range is open to a wide scope of buyer types, from first-time to experienced landlords, as well as those operating as individuals or as limited companies. Lending is also possible on investments including new-builds, HMOs and holiday lets, allowing investors to diversify.

Improving rates for overseas buyers

The mortgage market in the UK – as in many other parts of the world – has been affected over the past couple of years by a range of factors that have pushed up borrowing rates. This has led to affordability issues for some borrowers.

However, UK mortgage rates have been coming down over the past few weeks as optimism returns to the interest rate outlook, and this includes products for non-resident investors seeking to borrow to buy property in the UK.

Molo’s new range includes five-year tracker rates from 6.99% (which track the Bank of England base rate), with two-year and five-year fixed rate deals from 7.99% with up to 75% loan to value (LTV). The products also include Molo’s Savings Booster account, which can reduce monthly mortgage payments through linked overpayments.

The lender has noted its growing number of customers residing abroad who are “eager to invest in the UK market” as the motivation behind launching its latest product range.

Francesca Carlesi, CEO and co-founder of Molo, said: “The UK property market continues to remain an appealing investment choice for global investors. Molo is delighted to be able to provide non-residents with access to competitive and flexible financing options through our innovative product range.

“The introduction of our new non-resident buy-to-let product is a testament to our unwavering dedication to expanding possibilities and providing a seamless mortgage experience for all.”

How to invest in UK property with a mortgage

For non-UK residents hoping to invest in buy-to-let property within the UK, obtaining a mortgage must normally be done through a specialist lender. Many investors use a broker to help them make a better assessment of the whole market and find the best product for their circumstances.

Some of the most mainstream lenders to offer these specialist products include HSBC, Skipton Building Society and Barclays, but lenders are adding to their product ranges and specialisms all the time as they adapt to the needs of the market.

There is likely to be certain additional criteria that non-UK residents need to fulfil to obtain a UK mortgage: they may need a UK bank account, must normally have a deposit of at least 25%, and must be able to provide acceptable proof of funds and/or income.

It is also vital that investors have a proper understanding of the tax requirements linked to owning and renting out a UK property before they invest. This includes things like stamp duty land tax (SDLT), which includes a 2% surcharge for foreign buyers. Income tax on rental gains and capital gains tax on sale profits are also likely to apply.

At BuyAssociation, we have a wealth of experience in helping buyers from overseas to invest in UK property, and we have a dedicated office in Hong Kong. Get in touch to find out more. 

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