Are you an expat, dreaming of owning a home in the UK in today’s video, we are going to help you navigate the ins and outs of expat mortgages.
What is an expat mortgage?
An expat mortgage is a mortgage you would take out on a property in the UK while you’re a UK expat – which is a UK national living abroad. If you’re not a UK National but live abroad and want to buy a property in the UK, you would still require an expat mortgage.
So what can expat mortgages be useful for?
Whether it’s for investment, a future return, or for family, these mortgages cater to your unique circumstances.
What is the eligibility criteria?
To begin with, it is worth noting that some high street lenders won’t offer expat mortgages at all. This means you’ll normally need a specialist UK expat mortgage broker to help navigate this complex market.
To qualify for an expat mortgage, lenders will typically require the following:
- a proof of income
- a strong credit history
- and details of your current employment
- they might also look at the country you’re residing in and the currency of your income
What is the application process?
The application process for an expat mortgage involves a few key steps:
- First, you must gather your documents – this includes your proof of income, identification and credit reports
- Next, you will submit your application to a lender experienced with expat clients – this lender will then assess your financial situation and the property’s value.
So, owning a home in the UK as an expat is achievable with the right knowledge and support. Whether you’re investing or planning your return, understanding expat mortgages is the first step towards making your property dreams a reality. So, if you are ready to explore your options get to into contact with John Charcol today, so that we can help you.
