Expat mortgages for UK property
- It can be difficult finding a reputable lender amenable to expat buyers
- Need to rent while you work abroad or buy for when you return home?
- Home or away, our expert advisors can maintain and nurture your roots
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If you’re an expat working overseas, it can be difficult to find an amenable UK mortgage lender. Maybe you want to rent out your existing home while you’re working abroad. Or perhaps you’re coming back and want to buy a property before you land back on UK soil.
Either way, mortgage providers rarely make it easy to maintain/put down roots back in Blighty when you’re not already here. Yet, when you’re living halfway around the world, you want easy.
So why the big disconnect?
Whichever way you’re headed, we can make it happen through a range of specialist lenders. They offer expats a variety of mortgages at competitive rates and, importantly, do so without miles of red tape or a Spanish Inquisition
As we’re 100% independent, we can approach any lender if we think a mortgage is right for you. You can then guarantee that anything we recommend has been tailored directly for the UK expat market. That might mean buying your own residential property or building a portfolio in the UK, depending on what you’re looking for.
Mortgage tips for expats:
You can eradicate barriers before they’re built by taking these simple steps. Some apply if you’re returning to the UK, others if you’re just beginning your emigration journey.
One issue lenders have with expats is difficulty tracing their credit history. After living abroad for some years, credit trails all but dry up. This reason alone puts many high street lenders off lending to expats.
Planning upfront is critical. If you plan to return to the UK, keep a bank account and credit card live. That way, you can at least maintain a minimal credit file.
That said, we know plans change. So if your plans change and you have zero credit, it’s not all doom and gloom. We know specialist lenders who offer expat mortgages even without recent UK credit history.
Overseas income can also present problems for expats. Lenders often struggle to assess expats’ potential mortgage affordability when their earnings are paid overseas and in a foreign currency. Lenders that accept expats will want to see:
- Confirmation of employment
- Sustainability of earnings, and
- Currency/exchange rates.
The minimum requirements for income that lenders want to see are:
- Minimum income to be the equivalent of £25,000;
- Preference for working for a multi-corporate (but not essential);
- An insistence on you providing payslips and employer references translated into English,
- Which will depend on the indigenous language of the country in which you’ve been working.
- Minimum income to be the equivalent of £25,0000;
- An accountant who is internationally recognised and/or accredited.
The minimum deposit you’ll need for a property is usually between 25% to 35% of the property value. As a general rule, the larger the deposit you put down, the easier it will be to get a mortgage. Interest rates become more competitive with larger deposits, too.
Lenders expect expat mortgage applicants to have an active UK bank. This account must be the one from which you’ll make the new mortgage payments. Even if you have no intention of returning when you set out, it’s worth leaving a minimal amount in a live UK current account.
How can Mortgage Quest help with expat mortgages?
Not all lenders offer mortgages to expat buyers looking to purchase property in the UK. Finding the right deal for your individual requirements without expert help will prove arduous and exhausting.
Our experienced mortgage advisors can help arrange all expat mortgages. Often, these are with specialist boutique providers more flexible than mainstream lenders. Together, we can help people either moving abroad or those planning to return to the UK.
To find out how we can help with your expat mortgage, call us on 020 421 7998 or enquire now.