Qualifying for a mortgage can be complex enough at the best of times, but what if you currently live and work outside the UK, earn a salary in a foreign currency and want to buy into the UK property market?
Whether you are looking to buy a home to use for personal reasons or take advantage of a potentially lucrative buy-to-let investment opportunity, who can qualify for a UK expat mortgage?
All Cases Considered
Applying for a mortgage as an expat is fairly similar to the process of applying for a conventional mortgage; at least, in the sense of similar criteria when establishing eligibility for these kinds of mortgages.
There will always be lenders and specific mortgage products that are exclusively available for those who actually reside in the UK, However if you are a UK citizen who for any given reason is living and working abroad, you still have every right to buy a property at home.
The primary concern for the lender will always be affordability. This is where things can get a little complex, as you will need to provide your chosen lender with formal and acceptable proof of income. Depending on where you live and what you do, your local tax filings and general accountancy documents may or may not be considered viable forms of financial evidence.
Major High Street banks have a tendency to be fairly selective when it comes to the forms of evidence they are willing to accept. Elsewhere, there is an extensive network of specialist lenders across the UK, which tends to be more flexible.
This is something to look into before applying, as you may encounter issues.
The Question of Credit
The same issue may also be encountered where credit checks are concerned. Depending on how long you have been living and working outside the UK, you may have no established credit score at home whatsoever.
When applying for a mortgage, having no credit history can be just as big of an obstacle as having a poor credit score.
All this does not necessarily mean that inability to prove your creditworthiness will stand in your way. It may simply mean that you need to demonstrate your financial position and track your record to your chosen lender in other ways.
Independent Broker Support
For anyone interested in applying for a UK expat mortgage, nothing matters more than targeting the right lenders. It is worth remembering that with each declined application on the High Street, the likelihood of any subsequent application being accepted elsewhere decreases.
Consulting with an independent broker is therefore essential, in order to pair your requirements with an appropriate lender. Irrespective of how long you have been away from the UK and the kind of work you are in, you have every chance of qualifying for a mortgage if you are in a strong financial position and can comfortably afford both the deposit and the repayments.
Craig Upton supports UK businesses by increasing sales growth using various revenue streams online. Creating strategic partnerships and keen focus to detail, Craig equips websites with the right tools to increase traffic. Craig is also the CEO of iCONQUER, a UK based SEO Firm and has been working in the digital marketing arena for over a decade. A trusted SEO consultant and trainer, Craig has worked with British brands such as FT.com, DJKit, UK Property Finance, Serimax and also supported UK doctors, solicitors, builders, jewellers, to mention a few, gain more exposure online. Craig has gained a wealth of knowledge within the digital marketing space and is committed to creating new opportunities working with UK companies.