Applying for a UK expat mortgages from overseas can feel like an uphill struggle!
But, with professional, independent advice from the expat mortgage experts at Revolution Brokers, it doesn’t need to be stressful.
Today we’ll summarise all the key information you need to know before applying for an expat mortgage and what to expect from the application process.
Why Apply for an Expat Mortgage?
There are numerous reasons you might consider applying for an expat mortgage:
- To remortgage an existing property following a relocation abroad.
- To purchase a rental investment home in the UK.
- To buy a holiday home or second residence.
If you’re living overseas and want to mortgage a British property, you’re going to need an expat mortgage.
The process can be a little more in-depth, and most mainstream UK banks won’t be able to help – which is why a whole-of-market broker is your secret weapon in securing the most competitive rates on the market!
How to Find the Best Expat Mortgages?
As with any long-term financial borrowing decision, we’d strongly recommend you get professional advice.
Revolution Brokers will guide you through the process, from choosing the most suitable lenders to negotiating terms and rates to fit your financial plans.
Getting Your Paperwork Ready for an Expat Mortgage Application
Usually, you’ll be asked to provide:
- Proof of earnings – if these don’t originate in the UK, we’ll run through the ways you can evidence your income. For example, some banks only recognise salaries in specific currencies, and others will ask for a statement from an accountant to verify your income.
- Credit history reports – there are some simple ways to help establish a healthy credit report if you don’t have a score, such as taking out a domestic credit card. Speak to us if you have a poor or low UK credit score, and we’ll explain the best options!
- Personal details – lenders will want to know your age (some have age caps, hence the need to analyse the right provider to apply to from day one!). They’ll also ask about things like your existing debt, the number of dependents and plans for the property.
Most UK mortgage lenders prefer their applicants to have a UK bank account. That makes it easier to set up your repayments and means you won’t be exposed to currency fluctuations.
Again, preparation is vital, so a professional expat mortgage broker will always help advise on these steps you can take so your application has a great chance of approval.
Am I Eligible for an Expat Mortgage in the UK?
Many of the top lenders offer broker-exclusive deals, so don’t feel disheartened if your usual bank has turned down your application!
Eligibility criteria vary widely, so while one lender might refuse your expat mortgage, another could be happy to make an offer – inside knowledge on the policies of each provider is essential.
Standard eligibility criteria will usually look a little like this:
| Credit history | A traceable, UK-based credit score without any severe bad credit issues. |
| Income | Minimum annual income, with evidence to demonstrate the value of yearly earnings. |
| Employment | Permanent employment backed up with a contract and three to six months of payslips. |
| Self-employment | Accounts prepared by an accountant with an internationally recognised qualification. |
| Age | Over 18 and under 70 at the end of the mortgage term. |
| Loan to Value | A deposit of at least 10%, and more typically 25% depending on the nature of the property. |
| Deposit sources | Deposit from savings, investments, property sale or inheritance, preferably held in GBP. |
Remember – those are general eligibility requirements, and the exact policies will differ between lenders.
Therefore, it’s always wise to work with an independent broker who will recommend the right providers based on your circumstances!
Buy to Let UK Mortgages for Expats
Suppose you wish to retain an existing residence as a rental property or buy a home in the UK as an investment.
In that case, you’re among the many expats who recognise the long-term stability of the British property market!
Fortunately, there are many different investment mortgages for expats out there.
Finding an Expat Mortgage Calculator
Mortgage estimating tools are helpful but only ever indicative since they can’t evaluate your circumstances or your chosen lender’s policies!
Price comparison sites are also handy but only show a market snapshot and often exclude the most attractive deals.
Please visit the Revolution Mortgage Calculators page to access our free resources and help get an idea about how much you could borrow and what monthly repayments you’d be looking at.
For bespoke advice, fast mortgage application assistance, and tailored recommendations to boost your expat mortgage approval success, please get in touch with the team to schedule a friendly chat with one of our experienced advisers.
