Start Your Expat Mortgage Application Today With Lending Expert!
An expat is considered as a UK citizen living abroad. Expats can have trouble finding a mortgage in the UK if they are looking to move back home.
It has been estimated that there are over 5 million Brits living as expats who want to come home and move into a UK property.
It can be hard for expats to get a mortgage in the UK because they don’t have proof of income in the UK and they cannot as easily do a credit eligibility check which lenders can be put off by.
However, this does not mean expats cannot get mortgages for either buy-to-let properties or to move back into the UK!
The experts at Lending Expert can find the best mortgage deal for you as an expat, whether that be to come back to the country or to let out your property whilst you live abroad.
Be aware that because of the limitations that lenders can do on checks, expats will usually have to pay higher interest rates on their mortgage.
Before taking out an expat mortgage, make sure to share the objectives with your mortgage advisor so that you can ensure that the mortgage suitably meets your requirements.
Lending Expert is a mortgage broker. We can compare over 1,000 expat mortgage deals across the UK. Whilst high street banks will typically offer expat mortgages too, we can help find the best option for you with rates from 1.39% per month, whether you are looking for interest only, fixed, variable, tracker or have a bad credit history.
Start by clicking on ‘Check my Eligibility’ below and enter some basic details about you and your property – and Lending Expert will be able to help you find the best expat mortgage according to your requirements.
- Rates from 1.39% per month.
- Borrow up to £2 million.
- Loan Term – 1 to 25 years or upon request.
- The higher the deposit, the better the deal.
- Interest only, fixed, tracker mortgages available.
- If it is for a buy-to-let mortgage and rent is charged, it should be 125% to 145% of mortgage repayments.
- Free tool to compare expat mortgages.
What Is an Expat Mortgage?
An expat mortgage is a mortgage given to a UK resident who is currently living abroad.
An expat might want a UK mortgage because they are planning on moving back to the UK or because they wish to buy a property so that they can let it out.
It can sometimes be difficult for an expat to get a UK mortgage because they cannot be as easily credit checked by the lender.
How Can I Improve My Chances of Getting an Expat Mortgage?
If you are a UK expat there are a few ways that you can improve your chances of getting a mortgage in the UK.
- Proof of Earnings – As with other mortgages, it will be much easier to obtain if you can prove what you are earning and that is a stable and regular income.
- Keeping UK financial assets – If you can maintain some sort of financial association with the UK, i.e. UK-based credit cards or a residential address (such as family members houses) then you will be able to apply for a wider variety of expat mortgages. Your UK financial footprint can still be seen by lenders and this gives you access to better deals.
- Location of Lender – Most expats will go to normal UK highstreet banks to find a mortgage, but sometimes you can find foreign or non-standard lenders who will be able to give you a better expat mortgage.
- Provide as much information as you can – Lenders want to know as much as they can about your financial situation because it helps them assess the risk of providing you with a mortgage. The more information you can give the more expat mortgage deals will be available to you.
- Spend Wisely – Lenders will check your expenditure. If you have a fluctuating income and lots of spending, lenders will be deterred from allowing you to borrow.
- Save For A Deposit – Getting a deposit for a mortgage can sometimes amount to a lot of money, saving for a deposit may take some time. Saving for a larger deposit can dramatically increase your chances of being accepted.
- Use an expert – Using a mortgage broker expert like Lending Expert will make sure that your circumstances are properly met and that you find the best expat mortgage deal for your financial needs.
Am I Eligible for an Expat Mortgage?
- Living abroad but still a UK citizen.
- Aged 25 to 85 years’ old.
- Minimum income of £25,000 per year.
- Minimum deposit between 10-25% of overall property value.
- Good credit status.
- Strong financial record (limited defaults, arrears).
- The property has potential value and can be rented out.
The typical deposit required for an expat mortgage is 15% of the property value, with some lenders requiring around 40% to 45%.
Larger deposits will usually result in paying lower rates overall, since you have paid off and own more of the property. Putting down a higher deposit may also be a requirement for those individuals with limited financial records or weaker credit ratings.
What Type of Mortgage Should I Get as an Expat?
The type of mortgage that you get solely depends on you and your circumstances.
If you are looking to move back to the UK, then you should be looking at getting a tracker, variable or discounted mortgage.
As with other mortgages, the higher the deposit that you are willing to give the more expat mortgage deals will be available to you.
If you are looking to buy a property in the UK to let it out then you should look at specific buy-to-let mortgages such as interest-only mortgages or tracker mortgages.
How Much Can Expats Borrow for a UK Mortgage?
The amount anybody can borrow for a UK mortgage, whether they live in the UK or abroad, will primarily depend on two factors. The size of the deposit and total provable income.
If you provide a bigger deposit then you do not have to borrow as much as you borrow money relative to the price of your property and therefore your deposit.
If you have a bigger provable income then you may be able to borrow more and provide a smaller deposit because lenders can trust that you can repay the mortgage repayments.
If someone was applying for a buy-to-let mortgage, the expected income from the rent will also be taken into account when determining the maximum mortgage value.
How Do I Compare Expat Mortgage Rates?
Working with a mortgage broker such as Lending Expert will help you find the best mortgage to suit your circumstances without impacting your credit rating.
Contact us today to speak to an expert and start comparing fixed rate mortgages to find the best option for you.
What Areas of the UK Does Lending Expert Cover as an Expat Mortgage Broker?
We proudly offer Expat mortgages across the entire UK, Scotland and Wales including Birmingham, Brighton, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Liverpool, London, Manchester, Nottingham, Newcastle, Sheffield and more.
Can I Get an Expat Mortgage if I Have Bad Credit or a Low Credit Score?
If you have a history of bad credit, missed payments or you know you have a low credit score then the best advice would be to speak to Lending Expert, a mortgage expert.
They have a detailed understanding of the lenders who are willing to lend to those with a not so perfect credit score and can find the best expat mortgage deal for you.
Why Use Lending Expert As Your Expat Mortgage Broker?
Working with a number of high street banks and specialist mortgage lenders, Lending Expert has access to over 1,000 mortgage deals available and is in the perfect position to help you get approved and get the best rates.
Our eligibility checker is completely free to use and can provide an indicative quote, with no obligation.
Founded in 2013, we have years of experience working in the secured loan and mortgage market and have helped thousands of customers to date. Our values have always been to find the right product for the right individual at the competitive rate – and we are pleased to offer our services for you today!