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Expat Mortgages

Expat Mortgages

If you’re an expat looking to buy a property you might have questions on whether you can get a UK mortgage as an expat and who offers expat mortgages?

Whether you’ve been working abroad or taken a career break, when you’re planning to return home it is possible to get a mortgage though it can be complicated.  

An expat mortgage put simply is a mortgage product that is specifically tailored to borrowers who are living overseas.

How does an expat mortgage work?

In the same way as a ‘normal’ residential mortgage would work, but with more stringent checks.

Generally, when lenders assess a mortgage application they will look at your income and your credit file. Being an expat moving back to the UK there can therefore be a few stumbling blocks.

Why? Because lenders like to be certain of a few details:

  1. Your source of income from work abroad is stable and the size of it, or you have work lined up in the UK on your return.
  2. The identity of your employer and it’s traceability.
  3. Any impact the exchange rate fluctuation has on your disposable income.
  4. Having credit history within the UK as your credit history may not be otherwise traceable.

For these reasons’ lenders see expat mortgages as high risk.

How much deposit do I need for an expat mortgage? 

As with a lot of high risk borrowing, having a big deposit can help. The deposit you’ll need is usually around 25%. This could also help with better rates.

When looking for an expat mortgage you need specialist lenders who are a little more flexible. Seeking the advice and help of a whole-of-market broker or advisor who specialises in this area is paramount to getting a mortgage approval with the right lender for you. 

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