Tips when Applying for a UK Expat Mortgage

There are many expats based around the Globe that have left UK shores for a better life. Even though living overseas expats still retain a home in the UK and also buy investment property as part of their retirement plans. Investing in the UK can be very rewarding especially in the current market with a bullish outlook on property.

There are however some downsides to being an expat, non resident and foreign national in that specialist lending is needed as regular lenders won’t always offer the best uk mortgage financing to expats. Arranging an Expat Mortgage can be a problem for some expats and can require a detailed knowledge of the expatriate lending market.

Premier Expat Mortgages are happy to offer some tips to help you secure expatriate mortgage financing whilst based overseas.`

• Documentation to Support the Mortgage Application

Remember that the mortgage process takes time and a good deal of the time will be spent by the applicants gathering the required paperwork. As expats this may be difficult as you may have left a majority of the paperwork back in the UK so may have to contact the relevant agencies or re-order the necessary documents. The documents will change based on which lender your expat mortgage broker recommends for you. In general the following will be required:

• 2 Proofs of IDentification. (Country ID and Passport)
• Proof of Address (utility bill)
• 3 Months Bank Statements
• 3 Months Pay Slips

• Securing your Expat Mortgage Agreement in Principle offer first

It’s always best to secure your mortgage agreement in principle first before looking to place an offer against a property. Whether the property is a Buy to Let,  Home of Multiple Occupancies or holiday let property. A lot of UK lenders consider expatriates to be higher risk than standard onshore mortgage applicants purely because they cannot always perform a credit check. Also remember that you won’t secure high street lender rates as you are based overseas the lenders add a small premium meaning your rates are slightly higher. The time for an overseas applicant can be a lot more than a UK based mortgage applicant so remember that your estate agent will prioritise a local buyer more because it takes less time to secure an expat mortgage agreement to lend. As a rule of thumb secure your agreement in principle first if you are an expat international resident.

• Advertised Headline Expat Mortgage Interest Rates”

Many expatriates will generally try to use a comparison website first such as moneysavingexpert.com which may seem appropriate but they don’t necessarily cater for the expatriate or foreign national market. The lenders that are listed on their website will mainly be for the onshore applicants hence the interest rates will be lower. These lenders won’t accept applications from overseas international expat mortgage applicants. The comparison sites view on Expat Buy to Let mortgages does not come favourably as they simply don’t know enough about expat mortgage lenders. and these comparison sites do not market themselves to UK expats. Contact the specialist expatriate mortgage brokers that deal with expatriate applications day in and day out.

• Be truthful to your Lender and Broker

The main reason in being truthful to your lender and broker is twofold. Upon application to the lender it is the expat applicant’s duty to prove themselves to the lender that they are a good mortgage applicant. The lender may not be able to credit check you so they rely on the information you supply them. Some mortgage applicants hold back information and then at a later date when this comes out and is negative the lender pulls and refuses the lending application. With your expat mortgage broker it’s vitally important to open and truthful with all facts. If one lender doesn’t like a piece of information you provide it always possible that your expat mortgage broker has another lender that will be okay with the mortgage information you provide. Being creative with the information you supply is likely to lead in a rejected mortgage application.

• Dual Applications with Multiple Brokers

This is a definite no no. It may seem wise using multiple brokers thinking one will come through quicker but that can lead to multiple problems for expats band their mortgage applications. The lender firstly if they receive two applications for the same client can consider this as an attempt for mortgage fraud. They don’t always take this view but why would you take a chance at being refused lending then find the completion deadline looming with no mortgage. Especially if its a new build property that you are legally liable for with a chance of losing your mortgage deposit already paid to the developer. As with being truthful always be open and honest with your broker

• Expert advice

When considering remortgaging or an investment in Expat Buy to Let opportunity always ensure to speak to experts in the expat and foreign national market. There is always lots of small talk between friends but the criteria for lending can change every week for expats with new products coming to the market. UK Expat mortgage specialists who are qualified and experienced in the international markets will be able to supply you with the specialist knowledge that you need.

Remember to always cover the mortgage with Life Insurance Cover and Critical Illness Insurance Cover to ensure your mortgage is paid off in the event of an unforeseen illness.

Premier Expat Mortgages are expert mortgage consultants focusing exclusively on the expatriate market. With 10 years experience advising in the UK and the last 7 years dealing exclusively with expatriates they can secure your mortgage financing, secured loans and bridging finance.

With existing clients from all around the world including UAE, Middle East, China, Malaysia, USA, Canada, South Africa, Singapore and Australia to name a few they can secure the appropriate financing with their global reach and network of specialist expat lenders.

Not just a UK expat broker for UK properties we can secure lending for the following countries. UK, USA, Canada, France, Hong Kong, Singapore, Malaysia, Thailand, Australia and New Zealand with many other countries.

For more information about our market leading, exclusive mortgage products and clear, straightforward advice contact us now!

 

Premier Expat Mortgages specializes in securing expat mortgages, expat life insurance, expat secured loans and commercial mortgages for expatriates worldwide. Our dedicated team ensures seamless transactions and competitive rates for expats purchasing property overseas or refinancing existing mortgages.