I'm working in China and want to buy a residential home in the UK - can you help ?

Posted on 5 February 2016 by Stephen

I am a British citizen and work with a British University in China. My salary is in pounds, but then converted into Chinese currency and paid into my China account. I have two rental properties in the UK which I've finished paying mortgage on. I want to buy a residential home in the UK and need mortgage that suits my circumstances. I have seen a property that costs around £234,955 and have 15% deposit, can you suggest a lender ? Thanks.

I will try to answer your questions in order.

As an ex-pat there are a good number of lenders who are still active in this sector, and we can certainly look to assist you in getting a mortgage, though we would need to know the exact figures (valuation, purchase price, income, rental income, etc...) before being able to say 100% if what you are looking to do can be done. I would also like to know when you are planning to return to the UK and what you will do when you return, as well as the plans for the property in the meantime as you state it will be your residential home.

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 potential 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.

The fact that you already have another two property in the UK, is not a hindrance, in fact it is a positive. The majority of lenders in the ex-pat arena prefer that you have some sort of credit profile / history in the UK, as this gives them a greater level of comfort when making the decision to lend.

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.

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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