Ex-Pat Mortgages

Is it Possible to Obtain Ex-Pat Mortgages in the UK?

Some mortgages are far easier to find than others, at least where a range of choices is concerned. Ex-pat mortgages do not usually fall into this bracket, however. While you can obtain an expat mortgage in the UK today, very few lenders are willing to offer such deals. This makes it even more vital to know what you are looking for and where to find it.

What type of home loan is most commonly requested by expats?

A buy to let mortgage is the loan expats most often go for. This gives them the chance to purchase a property in the UK to rent out to someone else. In doing so, they can receive a yield to help cover the monthly repayments and to cover maintenance and upkeep.

Why do many expats seek to buy a property in the UK when they no longer live here?

There are some worthwhile reasons for doing this:

  • Some view it as a safe investment opportunity
  • Yields on such properties can be in excess of 5%
  • Others want to have a UK property they can come back to if need be

How big should a deposit be if you are looking to get an expat home loan?

You should be looking at 25% of the purchase price and possibly more. As with all home loans, the more you can put down as a deposit the lower the interest rates will be. Indeed, some rates are very similar to those offered on standard residential home loans throughout the UK.

How long will it take to complete the loan?

You should expect it to take longer than a traditional home loan in the UK. It is logistically more complicated than setting up a loan for someone who is resident in the UK. More paperwork must be completed to finish the process. Bear this in mind if time is an important factor for you.

Can you expect to pay the same fees as you would for a regular mortgage?

It is likely the setup fees for an expat loan will be slightly higher than for a regular loan. It is wise to check this in advance, so you know what to expect.

Consider seeking the advice of an expert mortgage broker

The mortgage market can be a minefield, much more so if you are abroad and trying to buy a property back in the UK. An experienced broker can be an indispensable source of advice and support as you navigate your property purchase.

Speak to The Mortgage Broker Ltd today and see how we can help you. We will be able to source a wide range of ex-pat mortgage deals, some of which you may have trouble finding on your own. We know which lenders are most likely to offer the deal you are looking for. We should be able to find a deal that will fit with your needs and requirements.

Contact us today to find out how we can help or complete our easy online mortgage enquiry form. We will be in contact to discuss your requirements in further detail.

Published on 22 July 2020

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