MORTGAGE BROKER IN KENT, LONDON & SOUTH EAST
EXPAT MORTGAGES
Expat Mortgages specifically designed for UK citizens that are living or have recently returned from living abroad.
What Is An Expat Mortgage?
An Expat Mortgage is a type of mortgage that allows individuals residing outside their home country to purchase property in their home country. Specifically, it refers to a mortgage taken out by a UK national living abroad to buy property in the UK. Even non-UK nationals living abroad can obtain an Expat mortgage to purchase property in the UK. Learn more with our Expat Mortgages FAQs >
Who Is An Expat Mortgage For?
Individuals who want to buy a property in the UK, either residential or buy-to-let, but that may live outside the UK, or have recently returned to the UK. Generally, the same lenders will offer mortgages to foreign nationals, who also want to borrow money in the UK, to buy a property.
What Are The Advantages Of An Expat Mortgages?
Expat lenders are experienced in dealing with the requirements of people not living in the UK, foreign nationals or those who haven’t for a UK footprint.
Can be combined with other scenarios like JBSP (joint borrower, sole proprietor), those working as fixed term contractors or high net worth individuals.
Some lenders offer ‘high street’ rates. Usually able to accept foreign income, where many other UK lenders will not. Products designed specifically for expats
What Are The Disadvantages Of An Expat Mortgage?
Extra lender criteria which need to be met. Some ‘high-risk’ counties may be excluded altogether.
Limits to borrowing amounts or loan to value in some cases.
Stress tested income if the applicant is paid in a currency, other than Pounds sterling.
Additional documentation which may need to be provided.
Examples Of Where An Expat Mortgage Can Be Used:
A foreign national that has just transferred jobs and living in the UK on a VISA, looking to buy a new property to live in, in the UK.
A residential buyer who is buying a property in the UK after recently returning from living abroad.
Expat living abroad, refinancing a buy-to-let in the UK to raise funds for another purchase.
Process And Documentation Required For An Expat Mortgage:
The process is largely the same as a standard mortgage application. For example, standard mortgage application documents, such as, proof of ID, address, income and bank statements, will likely be required.
Additional income documents may be required if income is earned outside the UK, such as an employer’s reference, exchange rate variations over the recent past and accountants’ references.
If a deposit is coming from abroad, UK bank will also be more stringent with money laundering checks, for example, insisting on seeing the source of any wealth.
Documents required:
Proof of ID
Proof of address
Bank statements
Proof of income
