Expatriate Mortgages
Mortgages for Expatriates
Expatriates live and work outside of the UK.
Because they are not resident in the UK, lenders are unable to properly assess how credit worthy the applicants are, consequently only a relatively small number of lenders will lend to Expats
Many expats intend to return to the UK at some point. Some will choose to buy a property in advance of their return.
These mortgages can be on the basis of owner or family occupation or property can be held as investment properties
Home Purchase for Expats
Home Purchase is possible providing you have immediate family who will occupy the property.
You can't buy the property and leave it empty.
If you do not have immediate family then you should let out the property either using a 6 or 12 month Assured Shorthold Tenancy (AST) or you might prefer a shorter term holiday let solution
We have reviewed both letting options below
Buy to Let for Expats
One popular option for expats is to let the property out while they are away from the UK. The rental income will then cover the mortgage payments
Mortgages are available with a minimum 20% deposit.
A 25% deposit will give you more choice of lender
The minimum rental period will be 6 months with most landlords agreeing a 6 or 12 month term.
At the end of this term, you can choose to end the Tenancy or you might either agree another fixed term tenancy OR the agreement rolls onto a periodic Tenancy which requires just one months notice from either party. Although it is possible to agree longer terms for your Tenancy beyond 6 or 12 months, you should check that any longer term is acceptable by the mortgage lender
We strongly recommend that you employ a letting agent to manage your property. The letting agent will be able to manage the property and arrange new Tenancies as and when required
You can be employed or self employed
You can be paid in a local currency
The rent needs to cover the mortgage payments by a suitable margin
We have access to lenders who will take into account your earned income
For more information visit Buying to let
Holiday Let for Expats
Holiday lets are short term lettings which demand a higher level of engagement but potentially offer a higher return
Holiday let Mortgages are available with a minimum 20% deposit.
A holiday let mortgage will permit you to let your property for days or weeks but you will need to maintain your property at a high standard, so will need to arrange cleaning between lets
You will need to have someone as a local contact to manage your property
We strongly recommend that you employ a holiday letting agent to manage your property
For more information regarding holiday lets - please visit Holiday let Mortgages
Expat Mortgage Application
We will find the best mortgage for your situation. We will send you an illustration showing the costs involved.
We will answer any queries promptly, and when you are ready to proceed with your mortgage application, we will send you the necessary forms to complete.
Expat Mortgages with no Broker fees
Mortgage lenders have different lending criteria. Not all schemes will be available to expatriates. We know which lenders will lend and in what circumstances
We won't forget that you are our client, so we will bring to your attention any issues which we think you should know about
So how much does this cost you?
Nothing, not a bean.
We do not charge you a fee for a arranging a mortgage secured against a UK property - providing your mortgage is at least £100k
We arrange mortgages for UK expatriates, either currently working abroad or recently returned to the UK. You may be buying a home for your family, re-mortgaging for a better interest rate or considering a buy to let. Whatever your mortgage requirements, we can help.
We can help expatriates purchase a property in the UK . This might be your family home, a holiday home, retirement home or buy to let
What we can offer you
We are able to source your enquiry with a variety of mortgage lenders. We also have access to exclusive mortgage schemes not available direct.
We know which lenders will lend in your situation and we know what they will look for.
We are on your side.