Expatriate Mortgages – Non-UK Citizens Buying in the UK

Expatriate mortgages are not just for UK citizens who are buying property while living overseas. Many foreign nationals come to the UK to live, work, or vacation. If you are a foreign national living in the UK, you may find that you want to purchase property in the country. You can do so, but your choices will depend on how long you have lived in the UK and whether or not you are a citizen of a European Union country.

Options for EU Nationals

Because nationals within the European Union have a credit history that is traceable, they can usually get a residential mortgage in the UK without much trouble. However, this type of mortgage does require a couple of things. First, you will need to have lived within the EU for over three years. You will also need to have a permanent job and bank account within the UK. If you have these qualifications and a decent credit rating, you can apply for a mortgage through a UK lender.

Options for Non-EU Nationals

If you are living in the UK and are not from the European Union, you will not have a credit history that can be traced by a UK lender. This can create problems, but you can still qualify for expatriate mortgages if you meet some basic qualifications. First, you will need to live within the UK for over two years. You will need to have a permanent job and a bank account in the UK. You will also need to have legal rights to live in the UK permanently or a valid UK work permit.

Self-Certification Mortgages

If you need or want to skip some of the qualifications required for non-citizens applying for UK mortgages, you may want to look into a self-certification or non-status mortgage. This type of mortgage requires a 25% or higher deposit on the property, but it allows you to apply for the mortgage with no proof of income. You simply give your word that you will be able to pay back what you owe.

Finding a Lender

Because you will be applying for a non-standard mortgage, you will want to work with an independent mortgage broker when shopping for expatriate mortgages. This will allow you to get a broad picture of what is available throughout the UK mortgage marketplace. The mortgage broker will also be able to give you advice as to which mortgage products are best for your unique financial situation.