Best Expat Mortgage Rates and Deals

The type of mortgage that’s best for you will depend on your situation. Expat scenarios can be quite complex, which is why it’s best to speak with a mortgage broker; we can guide you through your options and make things simpler.

It is possible to buy property in the UK as a British expat living abroad if you want to purchase a property for when you return or simply to rent out, but what’s available to you will depend on your situation. Speaking with an expat mortgage broker is the simplest way to find out what your options are.

Call us on 0330 433 2927 or send us an enquiry to learn more.

You can usually take out a mortgage to buy a property in the UK even if you work abroad, but the lender will often require that someone is going to be living in the property - e.g. family, tenants – or that you’ll be moving home at some point in the near future.

There are some specialist expat mortgage lenders who regularly deal with complex expat situations. There are even a couple that are based offshore and only lend to expats – i.e. they don’t lend to people already situated in the UK at all, only citizens overseas.

It’s possible to get a mortgage on an overseas property, but this would be an overseas mortgage, not an expat one. John Charcol can help you find an expat mortgage for a property in the UK if you’re currently an expat situated overseas, however we don’t arrange overseas mortgages for properties that are outside of the UK.

To arrange a mortgage for a property that’s overseas, you could approach a UK lender or broker with branches in the country in which you want to buy, or an overseas broker or lender.

Expat mortgage rates tend to be slightly higher than typical mortgage rates due to the increased risk faced by lenders of having borrowers who live abroad.

Most of the mortgages we arrange allow borrowers to make capital overpayments of at least 10% each year without incurring penalties, which is often enough for most borrowers.

At John Charcol, our consultants will talk you through your circumstances and what you’re looking to achieve with lenders who can deal with expats. These lenders tend to have a manual underwriting process that starts with an actual conversation, rather than filling in a form online for a computer to make a decision.

We’re used to working with people living in different time zones and work around your schedule.

The time it takes to arrange an expat mortgage will depend on your unique situation. Nonetheless, we do everything we can to ensure a fast turnaround that meets your moving commitments.

We have access to a range of lenders offering different products, so we can find the best one to suit your unique needs.

Most UK lenders will consider granting consent to let for borrowers who have to leave the UK to work abroad; they just don't like granting it for an extended period of time - e.g. more than 2 years.

If your lender won't grant to consent to let because you're going to be abroad for an extended period of time, you may want to remortgage onto a buy-to-let deal with a UK lender that accepts expat applications.

We understand that you may need to act fast to secure the property you want. Our experts often deal with these kinds of urgent situations and will do everything they can to make things happen as quickly as possible.

There are residential and buy-to-let mortgages for expats looking to buy properties in the UK. A mortgage broker like John Charcol will help ensure the process is as smooth as possible and get you access to the best rates.

It is possible to remortgage a property in the UK as a British expat. An expat mortgage adviser will guide you through the process and find you the best deals.

Most high street lenders don’t offer expat mortgages because they can’t easily credit search applicants who aren't in the UK, therefore you’ll need an expat mortgage broker like John Charcol for this kind of mortgage.

As one of the best expat mortgage brokers in the UK, we regularly help UK expats arrange mortgages for properties in Britain. Our team have access to expat mortgage lenders not available on the high street that can take into account complex income structures like family trusts, offshore investments, international wealth and multi-currency income profiles.

The deposit you’ll require for your expat mortgage will depend on your situation and the deals available to you.

If you’ve got 6 months left on a fixed rate, and you don’t want to pay an ERC (early repayment charge) to switch to a new rate now, you can fix a deal 6 months in advance of the end of your rate with most lenders - this is possible as most mortgage offers are valid for 6 months. That way, if rates continue to decrease between now and then you can look at switching to a lower rate in that time. On the other hand, if rates continue to increase you’ll have secured your rate and won’t be affected by any impending rate increase in that time. A win-win in any outcome.

For those in a fixed rate with a year left or longer, wondering whether it’s worth paying an ERC (early repayment charge) to tie in for a new deal now - rather than reviewing in 6 - 9 months’ time when rates may have increased - you need to take into consideration the costs of this decision, the ERC percentage and other associated fees the lender may have for clearing the loan early.

It's best to speak to a broker if you’re in this situation. They’ll be able to establish whether the savings you’ll make by switching to a new deal early are worth the ERCs.