mortgages-for-expats
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mortgages-for-expats
Can expats get a UK mortgage?
Yes. We certainly have lenders that will lend to expats and we’ll be drilling down into the subject in more detail.
Can I buy a house in the UK if I live or work abroad and vice versa?
As long as you have a British passport, we have lenders for buying a UK property.
Can I get a mortgage if I’m paid with euros?
Yes, we have lenders that lend in a variety of currencies, not just euros. Most major currencies are considered – US dollars and euros are just a couple of the big ones.
If I’m an EU citizen, can I get a mortgage in the UK?
An EU citizen is not really an expat – an expat is a British person living abroad. We do have mortgages for EU citizens, which aren’t expat mortgages. We can advise you depending on the circumstances.
Can a non-UK resident get a mortgage in the UK?
If you have a British passport and you’re a non-UK resident, that makes you an expat – and we do have expat mortgages available.
If somebody is a non-UK resident and doesn’t have a British passport, it’s not an expat mortgage – but we do have lenders for that too.
What are the challenges when it comes to applying for a mortgage as an expat?
Each lender has their own list of countries where a customer can reside, and that varies from lender to lender. The best thing to do is contact us, and we’ll make personal recommendations about that.
The next thing is ID. You need to provide ID on all mortgage applications as per the UK money laundering regulations. If you don’t have a physical passport, there might be alternative documents we can take for proof of ID. Again, it will be assessed case by case.
If you have a visa, the type can be a challenge, and each lender has their own criteria around visas. The best thing to do is contact us and we’ll make personal recommendations based on your circumstances.
You also need to provide proof of deposit on all mortgage applications – that’s a normal part of UK money laundering regulations.
The proof required will vary depending on the deposit size and where that deposit is coming from. We’ll advise each client around that individually.
A final point here is about sanctions. We do sanction checks on all mortgage applications to make sure that we’re complying with the UK financial regulations.
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Everyone’s different. You might be self-employed. You might have some credit history issues – whatever your situation, we will find the most suitable product available to you from across the whole market.
How much deposit do I need as an expat? How much can I borrow?
The deposit you will need can vary depending on the circumstances and the type of mortgage – for example, whether it’s residential or Buy to Let. The best thing to do is contact us and we’ll give personalised advice in that area.
The same thing goes for how much you can borrow. That will be based on your income and expenses, just like any other mortgage. If it’s a Buy to Let, the mortgage will be calculated from the rental income.
Can expats get Buy to Let properties in the UK?
Yes – plenty of lenders offer Buy to Let mortgages for expats and we’ve helped many clients successfully achieve that.
How do I apply for a mortgage as an expat for the first time?
Most standard high street lenders require you to be a UK resident. So, of course, not every mortgage with every lender is available to you.
As mortgage brokers, we deal with expats every day. To get the ball rolling, just contact us and we’ll handle everything on your behalf.
How do I improve my chances of getting a mortgage as an expat?
You’ll improve your chances just by speaking to us as experienced mortgage brokers. Obviously, we take full details of our clients’ circumstances. If you need to take any action in advance of getting a mortgage, we will give personalised advice about what you need to do.
You’ve explained how a mortgage broker can help – is there anything else you’d like to add?
We do expat mortgages every day, so we know all the lenders and all the criteria. It’s a fully advised service, so we handle all lender applications and paperwork to make the process go as smoothly as possible.
Key Takeaways:
- UK mortgages are available for expats, defined as British people living abroad, provided they hold a British passport.
- Lenders can accept mortgage payments in a variety of major foreign currencies, including US dollars and euros.
- Key application challenges involve lender-specific restrictions on the applicant’s country of residence, providing necessary ID, proof of deposit, and adhering to criteria around visa types.
- Expats can successfully obtain Buy to Let mortgages in the UK, as many lenders offer these products.
- The best way to improve your chance of securing a mortgage is to use an experienced broker, as they know relevant lenders, and manage all applications and paperwork.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE MOST BUY TO LET MORTGAGES.
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