If we put Brexit to one side for the moment, there are many expats originally from the UK looking to acquire property in their former homeland. The value of sterling has fallen since 2016 but seems to be making a recovery since the UK’s exit from the EU.
As an expat is it difficult to get a mortgage on a UK property?
There are a number of items to take into consideration when looking at expat mortgages. These include
- Proof of income
• Using assets as security
• Credit history
• Identification and address
Proof of income
If you are employed by an international company, with a footprint in the UK, this is probably the Holy Grail for lenders and borrowers. You will likely be paid in sterling, have a good track record and be able to prove your income. The situation can be different if you have your own company, you are self-employed, or you are paid in a foreign currency.
In many ways creating your own credit history in the UK is something you can begin well before you make an expat mortgage application. For many expats, in the far-flung countries of the world, there may not be a credit history system and even if there is, it may not be as accurate as its UK counterpart
Can we help?
As independent expat mortgage specialists we offer a much-valued service to our client so please make contact if we can assist you.