At Advantage we are the Expat Experts. We have helped individuals from all over the globe secure mortgages back in the UK. If you’re living abroad and want to save some money on a mortgaged property back in the UK or buy a new property in the UK it’s important that you speak to a broker with the relevant experience in this field as some of the lenders are lesser known and don’t publish their rates.
The process of obtaining a mortgage whilst living abroad differs to that of a UK based mortgage application, the below checklist breaks down what you will need.
Expat Mortgage Checklist:
A UK credit profile. Whilst you’re living abroad its advisable that you keep some active credit in the UK as this ensures your credit score is maintained and helps prospective lenders identify who you are. You don’t need much, most lenders like you to have three active credit agreements in place. This could be a current account with an overdraft, a mortgage or a credit card.
Proof of Address. Even though you’re not living in the UK the lender will still typically require some form of address proof. It doesn’t necessarily need to be a bill or financial statement, a letter from your employer will suffice.
Certified ID. Most lenders will require certified ID to support your application. This means you may need to visit a local law firm or public notary in order to have your documents certified. This isn’t the case with every lender so it’s always worth bearing in mind if it’s going to be tricky for you to do this.
UK Income. If you are remortgaging a property that’s already let out. You will need to provide evidence of the income which it’s generating for you in the UK. Ordinarily this would be the Tax Calculation which can be download by the self-assessment HMRC website or your accountant can provide this for you.
We have arranged Expat Mortgages for individuals in the below countries. If your country doesn’t appear on the list don’t despair, we can still help! Just give us a call.
|All European Countries||Kuwait||Hong Kong|
Do I need to be earning a certain amount to get an expat mortgage?
Contrary to much of the information out there online. There are a few lenders that have no minimum income requirement. If you’re living abroad on shoe string or if all of your income is from your rental property back in the UK it’s still absolutely something we can help you with.
Here is an example of a customer that we have recently helped
Mr Smith – April 2020
Mr Smith was currently living in Italy when he approached us, however he moves around a lot. He works for a United Nations international fund which exists to protect the needy. He could be in Africa for a year and Brazil the next!
He has a property back in the UK worth around £225,000 which he used to live in many years earlier, the property had been let out for nearly 20 years and was in need of some maintenance in order to keep it fresh and up to scratch for the tenants. There was another mortgage for a property he owned in Botswana which he wife and kids lived in.
We were able to significantly improve on the interest rate he was paying on his mortgage back in the UK and also raise enough capital to allow him to completely pay off the mortgage in Botswana in renovate his Buy to Let property. The lender was happy to do this providing we had something from the tenants stating that they didn’t mind remaining in the property whilst the renovation works were being undertaken.
Mr Smith ended up with a mortgage on the UK property that was costing him less per month than the original mortgage as well as completely paying of the African mortgage. He is happy that his outgoings have been considerably reduced and hie tenants are very happy with their new kitchen! In this case the monthly saving for Mr Smith was £1085 compared to the situation he was in before he approached Advantage.
April 2020 – The clients name has been changed in the above case study.
We would love to hear from you about your Expat mortgage enquiry so please don’t hesitate to get in touch.
Call us on 0117 442 0604 or send us an email at email@example.com if you would like to find out more.
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Did you know that not all mortgages are available through brokers? That’s why we’ll always let you know about any cheaper deals that we’re aware of when we make our recommendation. Nothing hidden here.
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All Advantage customers have their own Client Portal for secure exchange of information, messages and documents. However, we always tailor our services to suit you, whether face to face, telephone, email or carrier pigeon.
Whilst we have arranged finance for people in all situations, we have areas we think we excel in. If you are a contractor, self-employed, a first time buyer, an older borrower or have had credit issues, you should really call us.
The information contained in this website is subject to UK regulatory regime and is therefore intended for consumers based in the UK.
Our typical fee is £450 and only paid when your offer is produced. This means that if we’re unsuccessful in getting you the mortgage you won’t pay a fee, giving you the confidence you need from a broker.
Advantage Financial Solutions is a trading style of TRM Financial Ltd, an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority. Registered Office: 70 St. Johns Close, Knowle, Solihull, England, B93 0NH. Registered in England and Wales no. 09832887.