Expats using speExpatriates looking for a mortgage or re-mortgage on a property in the UK now have a wider choice of loans than years gone by, so it makes sense to select the best one to suit your needs.
About five million UK nationals live overseas, and many are keen to hold on to a home in the UK, or to invest in one to rent out. But the available mortgage options are quite restricted – and in most cases, you’ll need to get a specialist landlord mortgage.
It is possible to secure a standard residential home loan as an expat, but it’s tricky to arrange, lenders will want to see evidence that close family are living in the house. Since most expats work abroad and cannot live in two places, for the majority, a buy-to-let is the more appropriate solution.
You will typically need to seek out a specialist lender and this is where the expat broker can assist you in making the correct choice.
It can be a difficult process to secure a mortgage when clients are overseas, especially with the time difference and tighter lending criteria.
Another factor is the European Mortgage Credit Directive, introduced in 2016, which means individuals paid in a foreign currency now come under closer scrutiny when their loan applications are assessed. The underwriting process needs to take account of possible exchange-rate fluctuations, as well as looking at a borrower’s overall financial position.
What a broker will do for you
The broker will take control of the mortgage process, therefore relieving you of the stress and paperwork. They will be able to deal with the mortgage company suppling the loan and answer any queries they may have, saving you time and money.
If you are an expat looking for a new or re-mortgage, please do get in touch and one of our fully qualified independent advisers will be happy to assist.