It may be advisable to seek expert and professional advice from a specialist mortgage broker if you do intend to apply for an expat mortgage. This can increase your chances of approval and ensure that you find the best deal and best interest rate available.
Expat mortgages are those that are taken out on properties in the UK while you’re living abroad as a UK expat.
They are specialist mortgages and can be trickier to get because the majority of high street lenders don’t provide them, as it can be more difficult to carry out credit searches on applicants who aren’t resident in the UK.
Expat mortgages and remortgages are available for both residential and buy-to-let properties. They work in the same way as traditional mortgage options, except that the eligibility requirements and the due diligence checks carried out are more stringent, as expat borrowers are viewed as higher risk.
It may be advisable to seek expert and professional advice from a specialist mortgage broker if you do intend to apply for an expat mortgage. This can increase your chances of approval and ensure that you find the best deal and best interest rate available.
Are you wondering how to go about getting a UK mortgage as an expat? It’s highly possible that you may be eligible for these kinds of products, but there are different requirements that set them apart from standard mortgages.
In order to be eligible, you will need to have proof of work in the UK, proof of earnings if self-employed, a clean credit history and a mortgage term that doesn’t extend beyond your 70th birthday.
You may also find that the majority of lenders prefer borrowers to have a UK bank account. It is also possible that it’s a condition of the mortgage. It can be helpful to speak to a specialist adviser because each individual mortgage is assessed on a case-by-case basis,
If you know you’re moving overseas, it can be useful to keep a correspondence address in the UK, which can potentially increase your chances of being approved for a mortgage.
In short, yes - you are able to get a mortgage if you work abroad. If you’re a UK national but are living and working overseas, it is possible to get an expat mortgage from a specialist lender if you meet the eligibility requirements.
It can be more difficult to get access to these products, however, as expats are considered higher risk. A good credit score is typically a requirement and you may need to provide more documentation for proof of earnings and your address.
If you’re currently an expat but have plans in place to return home in the near future, you find it more difficult to get a mortgage when relocating to the UK. The majority of lenders will only approve applications if a UK address has been held for the past three years.
It may also be necessary to provide recent UK credit files, which can be difficult when you’ve been living abroad. However, you can improve your chances of mortgage approval by keeping a correspondence address in the UK while you’re overseas.
If you’re still living overseas as an expat and want to buy a property in the county you’re residing in, you can apply for an overseas mortgage, approaching UK lenders with branches local to you. A specialist mortgage broker can help you find the best deals available.
Think carefully before securing debt against your home, your home
may be repossessed if you do not keep up repayments on your mortgage.
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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK. The overall cost for comparison is 4.8% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
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