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Can I get a mortgage if I’m an expat?

Getting an expat mortgage might prove to be tricky. Read on for our advice on whether expat mortgages are a possibility.

For those of you that are unaware, an expat is basically someone who is residing in a country that is different to his or her native country. For UK expats, getting an expat mortgage can be a difficult task, as a lot of lenders will believe you to be high risk.

Luckily for you, there are loads of lenders who will be willing to take your situation into account and offer you UK mortgages. Though this will depend on whether you’re a first-time buyer, looking to remortgage or you’re buying to let. Read on and find out more!

Why would being an expat mean I’m high risk to lenders?

While this might not seem obvious at first glance, mortgage lenders have their reasons for not granting expat mortgages. This is because if you are coming to the UK from a foreign country (particularly outside of the EU) it can be very difficult to prove your financial stability. This will be made even more difficult if you have lived abroad for an extended period of time.

If you find this position then you will normally be given one of two options. Either A) the mortgage lender decide against giving you an expat mortgage altogether or B) they will offer you one at a higher interest rate to mitigate the risk that you may pose.

At Mortgages Online we can provide you with an excellent overview of the market by comparing loads of different deals from loads of different lenders. What this means is that if you have some way of proving that you are financially responsible then there are loads of options that could work for you. Let’s have a look at one.

Are buy to let mortgages an option for expats?

Buy to let mortgages have grown in popularity for expats in recent years, with this providing them with the opportunity to seize on the UK rental market. Those who provide buy to let expat mortgage usually demand higher deposit amounts. This is to mitigate the risk that is posed by the supposed financial security coming from expats. UK expat mortgages require a lot of looking in to…

Though make sure that you do your research, as having to pay a large deposit shouldn’t put you off. Ultimately, if you’re going to be shopping around for any type of mortgage deal just make sure that you do your research before you commit to anything.

This means that if you’re about to either go for an expat mortgage in the form of a buy to let or residential deal make sure you do your research. At Mortgages Online we can provide you impartial and cost-free advice on the whole market to help ensure that you get the best deal for you given your financial circumstances.

For more information fixed rates, offshore mortgages and UK property, visit our Articles section.


Laura Waller

Laura Waller has been working in the mortgages industry since 2013, joining an independent brokerage in Essex. Laura has CeMAP 2 & 3 – Certificates in Mortgages Advice and Practice. Since then Laura oversees marketing for Mortgages Online, using her experience and expertise to write articles and blogs about mortgages and related topics.

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