Expatriate Mortgages – UK Citizens Buying in UK

Whether you are an expatriate who has moved to the UK from another country or a UK citizen who is currently living overseas, you may find that you are in need of a mortgage to buy property in the UK. This can be difficult to find, however, because many lenders are unwilling to work around your current living arrangements. Here are some tips you can use when shopping for expatriate mortgages.

UK Citizens Living Overseas, Buying in the UK

If you are a UK expatriate who is looking to buy property in the UK, you have some options. You may wish to use the property as an investment, or you may wish to use it as a home to return to when you are done with your travels. However, you will find that most high street lenders are not willing to work with you while you are out of the country.

First, you will need to decide whether you are going to buy the property to let to tenants, or if you are going to live in it some day. Even if you will let the property before you live in it, it will be considered residential property. However, if you never intend to live in the property yourself, you can apply for a business loan, which is far less restrictive. Otherwise you will need a residential mortgage.

You will also need to decide if you want your mortgage to be onshore or offshore. Either way, there will be tax benefits that you will enjoy. You will need to discuss your current financial situation with your mortgage broker to best decide which option will work for you.

Expatriate mortgages are usually found with specialist lenders, not traditional lenders. Each one will create a unique structure, so it is important to shop around for the best deal for your situation. Using an independent broker will make this easier.

Residential Mortgages for UK Citizens

You will find that as a UK citizen you can usually find a lender willing to offer you a residential mortgage. While there is an increased risk due to your current residence, that risk is counterbalanced by the good financial situation most expatriates enjoy. You will need a good credit rating and a decent amount to put as a down payment on the property. However, if you are self-employed, you will find it difficult to get a mortgage.

Buy to Let Mortgages for UK Citizens

UK citizens living overseas have many choices when shopping for buy to let mortgages. If you are in the market for this type of mortgage, you will want to work with an independent advisor or broker to ensure that you are offered the best choices. Again, being self-employed may make it a little more difficult to get this type of mortgage.