I'm an ex-pat thinking about buying a property in the UK to return to in a few years. Can I still get a mortgage?

Posted on 3 October 2015 by Mohammad


Hi, I m a British citizen but working in Saudi Arabia from last 7 years, I would like to buy a property in the uk for my family to return one day (hopefully in the next couple of years). My question is how easy is it to get a mortgage? What sort of deposit would we need to put down if we could secure a mortgage? How long the process will take until we get funds available. Initially my family would stay in that property for 3 to 5 months and then we let it out until we return back permanently. Many thanks and look forward to hearing from you.

Mohammad,

I will try to answer your questions in order.

It is certainly not as easy for an ex-pat to obtain a mortgage as it would be if you were living and working in the UK, however that said, there are still a good number of lenders who are active in this sector.

Typically, you'd need around 25% as a deposit level as an ex-pat, though as with most mortgages, the more money you can put in, the more choice and the better the rate you are going to get.

The average timescale to get a mortgage is a bit longer on ex-pat cases, due to the logistics of dealing with borrowers abroad, though if you are in the UK when looking at property, it would be useful to meet up and get as much of the paperwork done as possible.

You would need to decide, whether your family was going to live in the property or rent it out, as if they are living their, then the mortgage would be a regulated one, or if rented, then it would be un-regulated. There are currently less lenders who are doing regulated borrowing to ex-pats, and a lot would depend on exactly when you intend to return, and what your employment situation will be when you do.

If you want to discuss your options in more detail, then you can contact one of our consultants on 0344 346 3672 and they'll be able to sort out a convenient time to speak and give you a more exact idea of how we can help you.

Regards,

Alistair

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