UK mortgages for expats

If the tenants living in your property are close relatives, for example: parents; children or siblings; or the property is empty, then a residential mortgage is the right solution.

Residential mortgages are usually better value than a buy-to-let mortgage in terms of interest charges and processing fees.

One drawback however, is there isn’t any rental income generated from the property so affordability criteria can often be harder to meet.  

Investing in a buy-to-let

If you plan to let your property with a tenancy contract, will need to have a buy-to-let mortgage.

The rental income can be factored into the affordability calculation, but how much depends on the lender. Try using our expat buy-to-let calculator.

Through our knowledge and partnerships, we're able to help our clients navigate the most practical solutions.

Remortgaging your home

There are many reasons you may wish to consider remortgaging your property.

If you are no longer on your initial ‘discounted’ or ‘fixed’ rate, and the rate you are now paying is variable and a lot higher than previously, you should consider your options. Unfortunately, being an expat in the UAE can often make this difficult.

As a financial advisory with links to international lenders all over the world, we are able to search the market for the best possible rates, which can be fixed for up to five years.  

Releasing equity 

If you need to raise funds for things like home improvements, future property purchases and some degree of debt consolidation, then releasing equity from existing properties is usually the most cost efficient option.

The lenders we work with have varying criteria, so it’s important for us to gauge as much information from you as possible.

Self employed status

If you own a significant percentage of a company – usually 25% – then you will be classed as self employed. In this case, banks tend to look much more closely at your personal bank accounts, company bank accounts and profit and loss accounts.

Each lender varies, but generally they will need to see consistent activity for 12 to 24 months to consider an application for a mortgage. Your lending profile will be much stronger if you pay yourself a consistent monthly income with separate personal and company expenses, rather than taking ad hoc dividends. 

Let's talk 

Securing mortgages for UK non-residents can be a little more challenging. If you're planning on buying a home or investment property in the UK, speak to one of our mortgage brokers today.

Your home is at risk if you do not repay the mortgage or other loans secured upon it.

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