Mortgages For Non-UK Residents
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Samuel
First-time buyers | Residential Mortgages | Buy to Let
I am an expert in: Mortgages For Non-UK Residents
Can I get a UK mortgage as a non-resident?
Yes, you can get a mortgage to purchase or refinance property in the UK, even if you’re a non-UK resident.Which UK banks accept non-UK residents?
We work with a few specialist mortgage lenders for this sort of lending. These lenders are not typically on the high street.Once we’ve completed a fact-find with a client, we’d recommend the most suitable lender having fully assessed the application and their personal circumstances. We wouldn’t usually give a list of mortgage lenders, as these can change.
What are the requirements to get a mortgage in the UK if you’re a non-UK citizen?
An applicant must have a minimum income of £25,000. Foreign currencies are acceptable, so the equivalent of £25,000 in another currency is fine.Mortgages are available to international residents looking to purchase or refinance property in the UK. They are also available to British expats living abroad.
How much can I borrow on a mortgage as a non-UK citizen?
The majority of international applicants looking for a mortgage in the UK want to purchase or refinance investment Buy to Let properties.Therefore, the amount you can borrow is based on the rental income that the property would achieve. There’s a standard rental calculation, so once we have all the property details, we’ll confirm what the maximum mortgage would be.
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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.
What difficulties are faced by non-UK residents applying for a UK mortgage?
In the past, mortgage lenders have required international, non-UK residents to already have a UK credit footprint and also a UK bank account. However, this is no longer the case.We now have mortgage lenders who are quite happy to lend to applicants who have no credit footprint or banking in the UK at all. A UK bank account would just be opened as part of the application process.
What factors can improve the chances of getting a mortgage as a non-UK resident?
The main criteria is that non-UK residents need the right level of deposit. They need that 25% deposit and a minimum income equivalent to £25,000. They also need to not be living in a UK-sanctioned country. Those are the main points to look out for on a mortgage if you’re not a UK resident.Can expats get Buy to Let mortgages?
Yes, British expats can get Buy to Let mortgages, as long as they’ve got that minimum income requirement of at least £25,000 and a 25% deposit. We would absolutely be able to arrange a Buy to Let mortgage, even if the client doesn’t have an ongoing UK credit footprint.What credit score do I need for a mortgage as a non-UK resident?
Non-UK residents don’t need to have a credit footprint in the UK, but if the applicant does have a UK credit file, we just request a copy to make sure it will be acceptable.How can a mortgage broker help with mortgages for non-UK residents?
Mortgages for applicants not living in the UK come under specialist mortgage lending. It’s therefore important to work with a broker who has experience in these sorts of products.We have access to specialist mortgage lenders such as Gatehouse Bank, a specialist lender that can help applicants who are not living in the UK. International residents can get a mortgage for either purchasing or refinancing property.
Key Takeaways:
- Mortgages for purchasing or refinancing property are available to non-UK residents, including international residents and British expats living abroad.
- The key requirements for applicants are a minimum income equivalent to £25,000 (foreign currencies are acceptable) and a 25% deposit.
- Applicants do not need to have a UK credit history or a pre-existing UK bank account; a bank account can be opened during the application process.
- The lenders for this type of borrowing are not typically found on the high street, so it is important to work with a mortgage broker with access to these lenders.
- For investment Buy to Let properties, which are sought by the majority of international applicants, the maximum amount that can be borrowed is based on the property’s potential rental income.
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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