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EXPAT MORTGAGES

Helping UK Expats with mortgages and financing. Specialising in complex income.

 

WHAT IS AN EXPAT MORTGAGE?

An Expat mortgage is a mortgage you would take out on a property in the UK if you are a UK Expat – i.e. currently residing in a country that you're not a national of (UK nationals living abroad). It is different from an overseas mortgage, which is where you take out a mortgage for a property that’s not in the UK but overseas.

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

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

Expat Buy-to-Let

 

You may want an expat mortgage on a buy-to-let property if:

  • 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
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Criteria for an Expat Buy To Let Mortgage

Applications for Buy to Let expat mortgages are similar in terms of what the lender will need to know when assessing your mortgage application, and calculating the loan available, however there will be a few additional requirements:

  • Rental income - this will determine the maximum loan they can lend
  • Where are the buy to let property/properties located in the UK

Buy to let expat mortgages are available on either a repayment and interest-only basis.

KEY POINTS FOR EXPAT MORTGAGES

What Is the Best Type of Mortgage for Expats?

The type of mortgage that’s best for you will depend on your situation, circumstances and personal requirements. UK Expat scenarios can be quite complex, which is why it’s best to speak with a mortgage broker; we can guide you through your options and make things simpler.

Can British Expats Still Buy Property in UK?

It is possible to buy property in the UK as a British expat living abroad if you want to purchase a property for when you return or simply to rent out, but what’s available to you will depend on your situation. Speaking with an expat mortgage broker is the simplest way to find out what your options are.

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?

There are some specialist mortgage lenders who regularly deal and provide mortgages for expats with complex situations.

Can I Get a Mortgage on a Property Overseas?

It’s possible to get a mortgage on an overseas property, but this would be an overseas mortgage, not an expat mortgage. London FS have access to lenders in most countries if you want to discuss an overseas mortgage with us. It will be worthwhile checking our overseas mortgage page which provides more information.

Are the Best Expat Mortgage Rates Much Higher than Standard Rates?

UK Expat mortgage rates tend to be slightly higher than typical mortgage rates due to the increased risk faced by lenders of having borrowers who live abroad.

How Long Does an Expat Mortgage Take?

The time it takes to arrange an expat mortgage will depend on your unique situation. Your mortgage adviser will be able to give you a timescale once we are dealing with your enquiry

Can You Arrange a Choice of Lenders for an Expat Buy-to-Let Mortgage?

We have access to a range of lenders offering different products, so we can find the best one to suit your unique needs.

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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Call us on +44(0) 208 427 5057

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