EXPAT MORTGAGES
WHAT IS AN EXPAT MORTGAGE?
DO YOU NEED A MORTGAGE BROKER FOR A UK EXPAT MORTGAGE?
Most High Street Lenders do not offer expat mortgages or expat remortgages because it can been more difficult obtain a UK credit history if you are no longer in the UK, therefore you will need an expat mortgage broker like London FS to help you.
We have vast experience working in the expat mortgage market in arranging UK expat mortgages for our clients, with access to the best expat mortgages available for UK expats.
Our UK expat mortgage brokers, will be able to source the most suitable lender, mortgage product and best rates for you based on your personal circumstances and borrowing requirements.
If you want an overseas mortgage or a mortgage for foreign nationals living in the UK (non UK resident), – we are also able to assist with this, including buy to let mortgages for foreign nationals.
TYPES OF EXPAT MORTGAGES UK
You can get UK expat mortgages and UK expat remortgages for residential and Buy To Let UK property, with fixed, tracker and discount rates available. Both Residential and Buy To Let mortgages are available on either a repayment and interest-only basis.
Residential Mortgages for Main Residence in the UK
You may want an expat mortgage on a residential property if:
- You plan on moving back to the UK and want purchase a property here for when you do
- You’re situated overseas but your family live in the UK and you want to buy a property for them to live in and for you when you return
Criteria for a Residential Expat Mortgage
When looking at a residential expat mortgage application, lenders will want know the following information in order to assess the mortgage application and calculate the maximum loan they are able to lend:
- Which country are you currently living in – some lenders have a restricted list of countries they will accept
- How long have you lived abroad and what you future intentions are
- Do you own or rent your main residence in the country in which you reside
- Income – if you are based offshore and receive an income from either self employment or employment – do you get paid in a foreign currency or UK Sterling. If it is a foreign currency then they would base the loan available on the sterling equivalent
How does Shareholder Protection and Partnership Protection help?
- You’re looking to remortgage a residential property onto a buy-to-let basis because you’re about to move overseas
- You’re situated overseas and have consent to let on a UK property, but need to remortgage it onto a buy-to-let basis
- You are living overseas and are renting out your UK property – possibly under consent to let rules with your original lender – but want to remortgage it onto a buy-to-let basis to raise money
Criteria for an Expat Buy To Let Mortgage
- Rental income – this will determine the maximum loan they can lend
- Where are the buy to let property/properties located in the UK
KEY POINTS FOR EXPAT MORTGAGES
What Is the Best Type of Mortgage for Expats?
Can British Expats Still Buy Property in UK?
Can I Get a Mortgage on a UK Property if I Work Abroad?
You can usually take out a mortgage to buy a property in the UK even if you work abroad, but the lender will often require that someone is going to be living in the property – e.g. family/tenants.
Lending criteria, interest rate payable and maximum loan available for mortgages for expats will vary from lender to lender.
Are There Any Specialist Expat Mortgage Providers or Lenders?
Can I Get a Mortgage on a Property Overseas?
Are the Best Expat Mortgage Rates Much Higher than Standard Rates?
How Long Does an Expat Mortgage Take?
Can You Arrange a Choice of Lenders for an Expat Buy-to-Let Mortgage?
My Current Lender Won’t Give Consent to Let – Can You Help?
Most UK lenders will consider granting consent to let for borrowers who have to leave the UK to work abroad; they just don’t like granting it for an extended period of time.
If your lender won’t grant to consent to let because you’re going to be abroad for an extended period of time, you may want to remortgage onto a buy-to-let mortgage with a UK lender that accepts expat applications.
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