Yes, it’s possible to get a UK mortgage while working abroad, although it may be more challenging compared to applying while residing in the UK.
Here are some factors to consider:
- Lender requirements – some UK mortgage lenders may have specific criteria for borrowers who are based abroad, including minimum income thresholds, proof of employment, and residency status. It’s essential to research lenders who are willing to consider applications from expatriates and non-residents
- Deposit – your deposit of £40,000 can help strengthen your mortgage application. A larger deposit typically improves your chances of getting approved for a mortgage and may result in more favourable terms, such as a lower interest rate
- Income and affordability – lenders will assess your income and affordability based on your employment status, income level, and financial commitments. You’ll need to provide evidence of your income, such as payslips or tax returns, to demonstrate your ability to afford the mortgage repayments
- Credit history – your credit history, including any existing debts or credit accounts, will also be considered by the lender. It’s essential to maintain a good credit score and address any issues on your credit report before applying for a mortgage
- Residency status – some lenders may require borrowers to have a certain residency status, such as permanent residency or citizenship, in the country where they are based abroad
- Legal and financial advice – it’s advisable to seek advice from a mortgage broker like John Charcol we specialise in expatriate mortgages. We can help you understand your options, navigate the application process, and find lenders who are willing to consider your circumstances
Mortgage and Working Abroad
Many of the major lenders are less likely to support non-standard mortgage lending, which includes mortgages for expats. Many are also unable to work at the speed or at a convenient time to match your international lifestyle.
As this is the type of mortgage you will be looking for the short answer is that ‘yes’ you can. The loan-to-values are not as high as they would be if you were residing and working in the UK, and the process is a little more laborious, but it can be done.
For more information on expat mortgages, take a look at our guide.
Getting a UK Mortgage When Working Abroad Summary
While getting a UK mortgage while working abroad may require additional documentation and scrutiny from lenders, it’s certainly possible with the right preparation and approach. Be sure to gather all necessary documents, including proof of income, residency status, and financial statements, and work with professionals who can guide you through the process.
If you’d like to see what your options are, then call us on 023 8235 2300 and we’ll arrange a convenient time for you to speak to one of our consultants.
