Expat Mortgage Calculator

Yes, you can get an expat mortgage on a buy-to-let property. There are actually more lenders that offer buy-to-let mortgages for expats than those that offer residential mortgages for expats. This is because buy-to-let mortgages are unregulated and the affordability is based on rental income rather than personal income – and personal income for an expat can be more challenging for the lender to assess than personal income for a UK resident. Nonetheless, you’ll still have to meet a lot of criteria and you’ll probably need to show that you have a plan in place for managing the property while you’re out of the country.

To find out how much you could borrow on a buy-to-let mortgage as an expat, use our calculator.

To apply for an expat mortgage on a residential property, you’ll be asked to supply many documents. You’ll need to provide proof of your income, which might come from your work contract, tax returns, bank statements, or other documents. You’ll also need to provide proof of identity and proof of address. Some lenders might request additional documents. A broker can help ensure you have the right paperwork in order to give to the lender.

It’s not necessary to have a correspondence address in the UK for an expat mortgage, as many lenders will understand that you’re living abroad. Most lenders will, however, want you to have a UK bank account so you can service the loan by direct debit.

Some lenders might want you to sign the paperwork in person, but there are other ways to get the paperwork handled. You should talk to a broker about how to get the paperwork sorted to see what options you have.

If you take out an expat mortgage on a residential property, and you therefore move back to and work in the UK, you want to return to the UK, you’ll be able to remortgage onto a standard product once your introductory rate ends. This is because your circumstances will have changed and you may meet the criteria for a better deal.

Yes, it can be harder to get a mortgage when you are an expat, especially if you don’t use a mortgage broker. Fewer mortgage lenders are willing to offer mortgages to expats, which can make it a challenge to find a suitable mortgage on your own. The criteria are also often stricter with lenders that offer expat mortgages. Contact a mortgage broker like John Charcol who can direct you towards specialist lenders with criteria that aligns with your situation.

It’s generally more difficult to get a mortgage if you have bad credit, let alone if you have bad credit and are an expat. If your credit history features issues such as late payments or county court judgments, you’ll often find that getting a mortgage is harder, as your lender options are restricted, but it’s certainly possible. If you have more serious credit issues such as bankruptcy or house repossession, you’ll struggle to get a mortgage unless you use a mortgage broker. Bad credit mortgages often have higher interest rates, and you might need to pay a higher deposit to offset your credit issues. Generally, the more severe your bad credit issues, the less deals available to you and the more expensive they’ll be.

If you’re simply an expat who hasn’t built up a credit history, rather than one who has adverse credit, most expat mortgage lenders will be able to consider underwriting your application in more detail which should give you access to a more competitive deal.

You can get either a repayment mortgage or an interest-only mortgage as an expat. A repayment mortgage is where you pay back part of the outstanding mortgage balance alongside interest each month. An interest-only mortgage is where you only pay the interest on the mortgage each month. You then pay off the outstanding mortgage amount at the end. You can see how you can borrow on either an interest-only mortgage and a repayment mortgage using our mortgage calculator for UK expats above.

Once you have an idea of the kind of product you’re looking at, check out our repayment calculator to find out what your monthly payments would be.

A good UK credit history will definitely help make it easier for you to get an expat mortgage, especially at a more competitive rate. To establish a solid credit history, try not to miss payments or default on loans. A good credit history is important as it demonstrates that you reliably pay off debts and will be unlikely to miss payments.

Nonetheless, if you haven’t built up a credit history as an expat, many expat lenders will still be able to consider your application.

Yes, there are plenty of options for getting a UK mortgage as an expat, but it can be harder than getting a mortgage as a UK resident. The easiest way to ensure you get a good deal as an expat is to use a broker that can find a specialist lender that offers expat mortgages. 

There are expat mortgage options for almost any property type, including a residential home for your family in the UK, a home for when you move back to the UK, a holiday home, a buy-to-let property, or other commercial property. You’ll likely find that the terms and rates are different for expat mortgages.

Yes, expat mortgages are usually more expensive than standard mortgages for people who live in the UK. This is because lenders find it harder to check your income history and credit history, meaning that expat mortgages present a higher risk to them. You’ll usually be required to put down a higher deposit amount and you’ll also often pay higher interest rates.

Yes, expat mortgages usually cover the same options as standard mortgages. This means that you can get properties such as:

• Residential homes
• Second homes or holiday homes
• Buy-to-let properties
• Commercial properties
• Houses
• Flats
• Ex-council homes
• Non-standard construction properties

Some of these property types are seen as a higher risk to lenders, so as an expat you may have less lenders available to you, have to provide a larger deposit, face higher interest rates and/or have to meet stricter criteria. You might also need a specialist lender.

Independent mortgage brokers like John Charcol have access to a wide range of lenders and we’re more likely to find a lender that suits your needs. We can also help you find lenders with better rates and deals, which is very important with expat mortgages, where interest rates are typically higher.

If you want to see how we can help you find the ideal mortgage, get in touch today. Here at John Charcol, we have specialists who can help you find expat mortgage lenders that suit your needs. We help you find the right deal, no matter how complex your situation.