Traditional Mortgages for Foreign Currency Income and Expats
Can I get a Mortgage if I am an Expat?
Generally speaking, yes. Via Specialist Expat Mortgages or in some instances, even a mainstream High Street Lender. This will be dependent on whether you have a UK Credit Profile, where you are now living and the size of the deposit you have. If you have lived away from the UK for a long time, say more than 6 years. You may not have a Credit Profile in the UK anymore, which some lenders require. If this applies to you, it’s not the end of the road. Specialist Lenders tend to manually underwrite their cases, meaning they’ll base their decision on the overall case and not just what your Credit Score is, so there should still be options.
Another key point Mortgage Lenders will consider is where you are now living. If you are resident of a war-torn country or a country that is heavily associated with financial crime, such as money laundering. Mortgage Lenders may not be prepared to lend. All Lenders will have an approved list of countries, and the list will differ between lenders.
Mortgages for Expats
If you do not fit one of the above cases, the likelihood is your Mortgage Advisor will need to approach Specialist Mortgage Lenders. Generally, you will need to have a UK Credit Profile and a deposit of at least 25% of the property value, in order to be accepted for an Expat Mortgage.
Most of the time Expat Mortgages will only be available when you are looking to rent the property out to a non-relative, as a Buy to Let.
UK Mortgages for Expats
Expat Mortgages are often more complex than traditional Mortgage. And, some key Expat lenders out there will not offer Mortgages directly to the public. To ensure the best deal and lender for your circumstances, always go through a whole of market Mortgage Advisor. They will save you money and time.
Hints & tips for expat Mortgages
There are things you can do to help. Lenders will look at you favourably if you are living or working abroad, and:
- Have a UK correspondence address with a Current Account and/or Credit Card linked to it. This could be an address for a property you already own or a close family member address for example.
- Are registered on the electoral roll at the same address
Alternatives to Expat Mortgages
Expat Mortgages can often be expensive, as it is generally defined as higher risk lending. If you are defined as an ExPat, you will often need a Specialist Lender. Who tend to charge higher interest rates and fees due to the higher risk associated with Lending to Expats.
Mortgage Advisors should always consider whether you are able to obtain a mortgage with a traditional lender, before looking at Specialist Lenders. This is because in some circumstances, there are ways for Ex Pats or UK Nationals living or working abroad to obtain a Mortgage with certain traditional High Street Lenders.
If you fit any of the following criteria. You may be eligible for a Mortgage with a traditional lender:
- Part of the British Armed Forces
- Work abroad but return to the UK regularly when you are not working – whether paid in a foreign currency or Sterling – often Contractors
- Moving back to the UK within the next 6 months and have employment in place
- Live in an approved country and earn over a certain amount – usually over £75,000 basic
If you can obtain a mortgage through a traditional lender, not only are you likely to save money. If the mortgage is for your residential property, then you may be able to borrow up to 95% of the property value.
our mortgage brokers
We work with a variety of Mortgage Brokers which each specialise in different Mortgage Advice areas. When you get in touch, simply select the reason why you’re getting in touch i.e. First time buyer, Bad Credit, Remortgage etc. And we will match you to the Mortgage Broker which Specialises in your circumstances.
Get in touch for a free non-obligatory conversation with one of our Specialist Mortgage Advisors for further information on how they can help you.
Want more information?
If you are an Expat or feel you may fit one of the above exceptions, get in touch with us today. We will place you with the right whole of market Mortgage Advisor, who will consider traditional lenders as well as Specialist Lenders.