akay wrote:Thank you for your reply JR8. I am looking at a buy to let mortgage. I have explored mortgages in the Uk but they required earnings in GBP. What I noticed is that interest rates are so low here so I was looking to see whether I can take advantage of this. A
Hmmm... well maybe things have changed since I last did a remortgage c5 years ago. I'm taking it that that was explained to you but someone who fully knows what he's talking about?
The point is a BTL mortgage should be (well it always was) completely self-supporting, that's why the lender will get a 3rd party survey on value and rent. A broker will want a three-year history on your salary and typical outgoings but that's more a part of gaining a financial profile of their client.
What I'd suggest is e-mailing the brokerage I suggested.
And also contacting this broker... http://www.lcplc.co.uk/
. I've heard them praised many times (incl by landlord friends of mine). I haven't ever used them but I do always check them when scouting the market.
The other option is 'go to the mother-source', or about a close as one can. http://moneyfacts.co.uk/
where you will find most
current mortgage products on the market listed. I say most as the brokers do have access to products that don't get published, ('exclusives' - they might be a small tranche or only available for a month... that kind of thing).
The thing with low SGn interest rates is an interesting one. But do keep in mind there is a somewhat direct correlation between interest rates and cross-currency rate differentials. In brief, you'd be receiving rent in £ to pay a mortgage in S$. How are they going to instruct a 3rd party valuation? I rather suspect that that is just going to be too 'exotic' for most (all?) banks in SG. But there is no harm in checking into it. On the face of it probably the bank/branch who might well have fielded this question before is StanChart at Raffles Place.
If you do contact them please let me know what they say.
p.s. another suggestion is to go here
http://boards.fool.co.uk/property-inves ... d=12737340
The Motley Fool, forum > 'Property Investing - Practical'. Have a dig about, read the FAQ, do a 'Threaded-view/Collapse-all' search going back say 3 months. It is quite possible something like your situation has been recently discussed. But if not, then post your question. There are some very very wise property
investors and landlords there, and I'm sure they'll be happy to guide you (and even happier still if you evidently have done some digging around yourself before asking your question!).
p.s. Anything else you want to follow-up on: No problem, fire away!