How To Get A UK Mortgage As A UK Expat Whilst Living Abroad
Its’s not always easy to get a mortgage for UK residential or buy to let property if you are UK expat based overseas, either on work assignment or permanently based overseas.
There are lots of hurdles to get through:
- Sourcing and dealing with the lender.
- Working and provining information to your mortgage broker.
- Waiting for a mortgage offer to be accepted,
- Banks and solicitors’ and their endless requests for paperwork.
- Valuation companies and hoping they value the property correctly.
- Hoping no new buyers put in a larger offer for the selling property
All of this while you keep fingers and toes crossed in the hope of a problem-free exchange for your expat mortgage.
You may too have an endless list of questions about the process and the possibilities.
Here at Premier Expat Mortgages we have over 12 years of helping expats secure and arrange their mortgages with the least of hassle. We reveal just how to navigate the process of arranging an expat mortgage. With expert advice, local knowledge andmany years of experience in hand, Premier Expat Mortgages can safely steer you through this journey.
Can I get a UK mortgage if I don’t have a UK bank account?
Yes, and we can help with arranging a bank account for our clients. This is where experience, expertise and market exposure matters.
The UK’s big banks usually look for proven income and a reliable record with credit rating agencies – as an expat you may not have these. We jhave access to offshore banks that will lend to UK expats based overseas therby letting clients have the option of using other offshore mortage lenders.
Many lenders will accept offhsore foreign bank accounts and foreign currency income, but you may need expert advice about foreign currency mortgages and the risks associated with investing in a foreign currency, which could you leave you vulnerable to currency fluctuations, for example.
Getting expert advice, from specialists in expat mortgages, can help you navigate any initial hurdles and find the right mortgage – in the right currency – for you.
Can I get a UK mortgage if I live permanently overseas so am not classed as an expat?
Yes, it doesn’t affect your mortgage eligibility if you live permanently overseas or even if you never plan to return to the UK. Whether you want to purchase a house back home to have a base to return to, or invest in a rental property, we can help find the mortgage that best suits your circumatances.
Will I have access to a large range of mortgages as an expat?
Many large banks and smaller expat building societies now have expat mortgage options available now. Buy-to-let for investment properties continues to be a popular choice among expat investors that use the income in later retirement for their retirement plans. Large banks may not offer the best deal for you, and if you don’t work for a multinational company you may find your options limited. We have links to secondary non bank lenders that are willing to use their funds to step in where the larger banks dare not to tread with their excessive rules and criteria. This is where Premier Expat Mortgages can help.
“With the relationships we have in the UK, UAE, Hong Kong and Singapore international mortgage providers we are able to give you the best expat mortgage products in the market.”
What is an “agreement in principle?” with regards to an expat mortgage?
The first step in buying a new residential or investment property is to figure out which mortgage product is most suitable for you, and exactly what your budget is. Using Premier Expat Mortgages knowledge and market exposure and access to a range of products can help secure you that initial mortgage agreement with the lender, known as a ‘decision in principle or an “agreement in principle,” so that you can begin property search. Premier Expat Mortgages performs a full review of the AIP or DIP at this point, and starts the process of searching for the best or most suitable lenders. We will normally return a full mortgage quotation containing all the details and costs of the mortgage within 48 hours. If the mortgage is at a time restricted stage we can provide full mortgage terms of buisiness to our clients within a couple of hours. This ensures a smooth process and an immediate start the mortgage application process if you are happy with the mortgage details we provide. Getting your “agreement in principle” can take as little as 24 to 48 hours depending on the lender we select.
Will paperwork be difficult to organise and time-consuming?
Paperwork and applications can often leave you with a headache because of the paperwork requested by the banks and the lawyers, but as an expat there may be specific challenges to you collating the information you need (even proof of address or utility bills for example). Typical paperwork the lender likes to see is liseted below:
- 2 Forms of identification. (Passport and Country ID Pass)
- Proof of Address (Utility Bill – dated within last 3 months)
- Proof of Income (3 Pay Slips or Copy of Employment Contract)
- Proof of Income (3 Months Bank Statements)
The above are usually required across all lenders ut some lenders can request other finacial information such as the below.
- Property Rental Income (Bank Statements)
- Pension Income (Bank Statements)
- Gurantor Income (Bank Statements and Pay Slips)
Gaining expert advice from the start of the mortgage process can save you time in the long run. Our expert Gerard Ward explains why Premier Expat Mortgages is well placed to help you through this process:
“Our experience means that we know the specific criteria and requirements of all the banks in the expat market and we are able to get the mortgage through as soon as possible for you.”
You don’t waste time figuring out the paperwork – we take care of that for you.
Top Expat Mortgage Tips
- Make sure you contact your mortgage broker before searching for a property
- Get your mortgage in place before you place an offer on a property (agreement in principle)
- Have your paper-work ready for the lawyers and the mortgage lender
- Keep your mortgage broker, lawyers and property agent linked in on all email correspondence
Get our expert advice from a specialist in expat mortgages from the beginning.
Let Premier Expat Mortages do the hard work for you
At Premier Expat Mortages we offer an end-to-end service. This means that we not only help you with the mortgage, we assist you with all aspects of the property transaction. We have relationships with some of the biggest UK property developers so can help in finding the best suitable UK Investment property. We have over 15 years of experience, local knowledge (of the UAE, the UK & other international markets), and a focus on professionalism ensure that your purchase goes as smoothly as possible.
Get in touch today!
Premier Expat Mortgages specializes in securing expat mortgages, expat life insurance, expat secured loans and commercial mortgages for expatriates worldwide. Our dedicated team ensures seamless transactions and competitive rates for expats purchasing property overseas or refinancing existing mortgages.
