Almost five million Britons live or work outside the UK and many of them don’t want to give up property ownership in the UK. Over the past 10 years, expat mortgages have grown in stature as more Brits see owning a property in the UK as a very good long-term investment.
It’s no secret that most European properties do not give the sort of investment returns that one in the UK does, so it’s little wonder expats look to secure property in their homeland.
Who needs an expat mortgage and what are the typical reasons?
Britons living abroad, either temporarily or permanently, will need to obtain a mortgage from a lender that has chosen to lend to expats.
Typically, expats are looking to invest in buy-to-let property whilst living overseas, perhaps to provide an income in retirement or even to live in upon their return.
Whilst fluctuating exchange rates can, at times, provide a good opportunity for investors, it is also true to say that many expats earn better salaries abroad than they would do here in the UK. A lower cost of living means they have more disposable income and want to invest in UK property.
Aside from investors inquiries from individuals looking to buy properties for their families to live in – frequently where children are involved and the preference is for them to be schooled in the UK.
Selecting a mortgage to suit your needs
Securing an expat mortgage doesn’t have to be difficult, it is always recommended to get expert professional help. Using a specialist expat broker will, without doubt, give you the edge as they will be experienced in this type of mortgage process.
Can we help?
If you are looking for an expat new or re-mortgage please do make contact and one of our fully qualified advisers will be happy to assist.