Question – I’m an Expat can I get a mortgage on a UK property?

Scenario

I want to get a residential mortgage and have a deposit of about £75,000. I am self-employed, a UK resident and earn – and pay tax on – all of my earnings in the UK.

However, I am currently in Asia and am mostly paid by US-based organisations.

Is there any hope for me?

Answer

It is perfectly possible for you to get a mortgage while working abroad.

You just need to use a mortgage adviser who is familiar with what are called expat mortgages. These are mortgages for UK nationals who, like you, are working abroad but want to buy property in the UK, whether it’s on a residential or buy-to-let basis.

UK expats do find it harder to get a mortgage than Britons on the mainland. Harder, yes, but not impossible, especially when you use a specialist expat broker who knows which lenders are likely to lend to you and which will do so on the best terms for your personal circumstances.

A specialist should be able to help with interest-only mortgages, financing for the self-employed, buy to let, unusually constructed properties and unusual mortgage terms.

Like to know more?

If you require help with your new or re-mortgage please do contact one of our fully qualified independent advisers who will be happy to assist.

 

Are you looking to be an expat first time buyer?

Expats living overseas are very keen to purchase property in the UK as the market continues to show good growth.

Mortgages are easier to come by than they were 2 years ago plus interest rates are at an all-time low.

Expats who own property abroad have had a worrying time of late as property prices in some European countries have fallen at alarming rates. The uncertainty in Europe is without doubt down to the weak Euro and poor economies of some countries.

First time buyers looking to break into the UK market are finding it very difficult as property prices continue to rise. A recent survey conducted for major high street estate agents shows lower end market properties are being snapped up by buy-to-let investors. It is no secret that the UK property market is currently under siege from the buy-to-let investor and looks set to continue for the foreseeable future.

What to do?

Suitable first-time purchases are almost impossible in the London and South-eastern areas so prospective buyers are looking further afield.

A major estate agent chain recently commented “It is still possible to buy a reasonably priced property in the London commuter belt if you look hard enough”. “Clients who are prepared to look outside the box are having a great deal of success”.

This coupled with some extremely good mortgage deals available have given expats a “window of opportunity” it would seem. The message that seems to come from all this is to act as quickly as possible before this avenue closes.

Mortgage advice?

If you require any assistance with your first time or re-mortgage please do not hesitate to contact one of our fully trained independent advisers who will be happy to help.

Expats are taking advantage of the independent broker

Expats are now using an independent broker more than ever before to secure their deals whether it be a new or re-mortgage. The survey showed using a broker will reduce completion times, they are fully versed in the expat mortgage process and able to react to the lenders requirements much quicker.

Why independent?

Very simple you will have a much bigger choice of deals as an independent is not tied to any one company.

2021 has seen a large increase of approved mortgage applications compared to the same period last year. These increases show how restrictions are being eased by lenders as they compete for every single bit of business. This coupled with record low interest rates is indeed good news for the expat borrower.

Lenders are still holding interest rates steady as the prospect of the Bank of England raising rates has receded slightly.

All this positive news is giving the borrower confidence in the longer term, what happens after the Brexit negotiations are complete remains to be seen.

Expat mortgages are now easier and quicker to complete

The time it takes to complete a new or re-mortgage for expat’s has reduced significantly in the last 2 years.

The industry is seeing a new application in a straightforward case complete in a matter of weeks rather than months. A straightforward re-mortgage is now on average completing in less the 6 weeks which is significantly quicker than this time last year.

Like to know more?

If you require help with your new or re-mortgage please do contact one of our fully qualified independent advisers who will be happy to assist.

 

Expats who use a broker normally save money

A recent survey has claimed that thousands of expat borrowers could be missing out on a better deal by not speaking to an independent mortgage adviser when looking for a mortgage.

Its survey of over 2,000 expats found that 33% of consumers who went direct to a lender didn’t understand how a mortgage adviser could help with their search.

The findings also showed that 67% of borrowers who went straight to a lender hadn’t re-mortgaged in the last five years and 74% stayed put because they felt they had ‘a good deal’. However, without seeking independent mortgage advice, these individuals would have missed out on mortgages deals that are only available through an independent mortgage adviser.

There are plans to use the research to tackle the misperceptions about independent mortgage advisers and raise awareness about how they can help borrowers to find the right mortgage for their needs.

Far more choice and much quicker

Borrowers going through an independent mortgage adviser have access to many more mortgages than those going direct to the lender, including specialist mortgages for the self-employed and later life lending solutions such as lifetime mortgages..

Homeowners who benefitted from a mortgage adviser searching the market for the best mortgage deal were more likely to have switched in the last five years (29%), compared to just 19% of those who went direct.

Borrowers who used a mortgage adviser were also overwhelmingly in favour of doing so again. 98% said that they found the support of a mortgage adviser ‘valuable’ and a further 95% said they would recommend using a mortgage adviser to family or friends.

Help required?

If you would like to review your current expat mortgage please do make contact and one of our expert independent advisers will be happy to guide you.