Expat Mortgages And Property
When purchasing real estate at home or overseas, finding finance for your property can be easier than you thought. A property to call home or as a business purchase can be funded with buy-to-let, repayment and interest only mortgages at the cheapest prevailing rates.
Property forms part of most client portfolios, but if you lack time and struggle with the distances involved, we also work with end-to-end specialists offering properties in some of the world's most exciting developments. Legal paperwork, mortgages, decoration and furnishing of properties, even finding tenants can be arranged from wherever you are in the world, so you can enjoy the benefits but avoid the stress of fixed-asset purchases.
Expat Mortgages In The UK
A UK expat mortgage is for property in the UK while you’re still a UK expat – i.e. a British national living overseas. If you're not a UK national but live overseas and would like to buy a UK property, an expat mortgage is still necessary. It's important not to confuse an expat mortgage with an overseas mortgage, which is taken out on property that’s not in the UK.
You can get expat mortgages and remortgages for both residential and buy-to-let properties on either a repayment or interest-only basis, using tracker, fixed or discounted rates. Typical scenarios for wanting an expat mortgage include:
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already living overseas but are planning to return to the UK and would like a property for when you arrive
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working overseas but your family still resides in the UK and you want to buy a property for them, and for you on your return
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expecting to move abroad and wish to remortgage a residential property on a buy-to-let basis
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already living abroad with consent-to-let on a UK property which needs remortgaging on a buy-to-let basis
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living abroad, renting out your UK property with consent-to-let but wish to remortgage as a buy-to-let to raise capital
Most UK high street lenders do not offer expat mortgages as they deem them risky. It's generally more difficult to conduct credit searches on expats and confirm that the loan will be affordable, so a specialist lender is often required.
Whether you're a Brit overseas or a foreign national in the UK, a good first step is to prepare all of your important financial information to simplify the process, such as assets, income statements, tax details and employment visas.
It's also important to remember that if you're planning to move abroad and rent out the property you'll be vacating, your lender should be informed and you'll need 'consent-to-let'. A specialist broker will provide guidance on the steps necessary to avoid unwanted problems.
A Simple Mortgage Review?
The lending market is very competitive so it pays to make the most of ongoing offers and promotions. It can be easy to reduce the interest you pay and when deals expire, mortgage advisors will do their best to find a new deal and lower your payments.
Any upfront costs should be offset by the new lower mortgage repayments, but some brokers also offer a service for cheaper repeat business or a 'lifetime service' providing unlimited reviews every time your deal expires. Costs can vary and switching deals with your existing lender can actually be free, but if you're changing lenders your advisor may get paid a fee, but still costs you nothing.
Lending criteria differs greatly from nation to nation and broker to broker so it's vital to get expert guidance so your dream purchase stays exactly that. To learn more about securing finance or a property itself, get in touch today and you'll get the guidance you need.