How to find the best expat mortgages from overseas
Mortgages for expats
It has been estimated that there are more than 5 million Brits living as expats who want to come home and move into a UK property. If you have been living and working abroad for several years, you may find that moving back to the UK is not as easy as you first thought. For many expats who return to Britain, the opportunities for buying their own home are significantly reduced, and even if you have been working abroad and have an established income, the banks can still refuse to lend you money on the basis that you have no proof of income in the UK. This lack of vision on the part of some banks can actually deter expats from coming home, and may even mean that they choose to stay away, and go back to the countries that they have been living in for so long. If you are an expat and have committed to returning to the UK there are still some things that you can do to get the money you need to buy a home.
Finding a lender in the UK from abroad
The biggest problem that most expats face when they try to contact banks about a mortgage is that they are still in their foreign homes, hoping to secure the money to pay for the UK home before they leave. Finding a mortgage from thousands of miles away is never going to be easy, particularly if you don't know who it is that you should talk to. This was made very difficult when Lloyds pulled out of expat mortgages, and leaving many people without the chance to come back home and buy a property in the UK. However, just because Lloyds and their connected building societies are no longer in the running doesn't mean that you can't find a lender from a foreign shore.
Talking to a mortgage broker
The best way to get an expat mortgage if you are still currently overseas is to turn to a mortgage broker, who can find the perfect lender for you with careful analysis of what you need and what the lender expects from the borrower. You can find that a lot of brokers deal specifically with expat mortgages, but there are also many who offer more generalised services and may be able to help you find particular banking services that you need.
Looking for specialist mortgages for expats
Not all property mortgages are the same, particularly if you have lived abroad for a number of years. You may have particular reasons for returning, or you may have decided that you want to purchase rental properties in the UK to keep your overseas business flourishing. This means that you need specialist banking services that are able to work with your needs. You may want to look at buy to let mortgages, or fixed term rates which will help you settle back into your life in the UK.
Banks can also be surprisingly flexible if you have specific reasons for coming home at this time. For example, if you have been working abroad, and know that your contract will expire in another year, then you know approximately when you will be coming home. You may also know that you have work available in the UK, or that you will be able to find a job based on your expertise in a particular field. Banks are likely to acknowledge the fact that you have a definite period of return, and also that you have skills which make you more employable in your field. With these credentials, your broker is likely to be able to find a suitable mortgage for your needs.