I am British and have been living overseas for several years. My wife and I are looking to buy our first home -- however, where I currently live, the property sector is terribly overheated and set to crash significantly.
As such we are looking to invest in the UK. Most likely London.
Our main purpose is as a long-term investment -- and also potentially as security should we return to the UK in the medium term.
Since we will not be living there, we will be looking to let the property.
As we are new to this, please excuse the naive questions.
- Am I correct in understanding that as a first-time buyer I will not be able to take out a buy-to-let mortgage?
- How much of the process can be done from afar? I can likely use 2-4 weeks to research and visit agents and properties (I understand that this will be tight, but we are looking to invest, not somewhere to live), but after that I would like to avoid expensive long-haul trips back to the UK. Assuming we find somewhere reasonably furnished, is this do-able? I can have family "pop in" for formalities if necessary, but they wouldn't be on-hand for months on end to help.
- We have a stable income with a large multinational firm, but overseas (contract signed overseas) -- I can handle remitting the cash to the UK, but are there any potential complications (other than credit rating) I should be aware of in this regard?
- I will obviously need to use a letting agent. I would obviously need to case out the options during the abovementioned trip -- is there anything in particular I should be looking for.