Switching mortgages as an Expat

Switching mortgages as an Expat

I’m an Expat and my bank wont let me switch my deal or remortgage, can you help? 

 

This is not a surprising issue that many Expats face. Unaware of the consequences, expats may be speaking to their bank and alert them that they reside overseas, suddenly the bank changes the address and the mortgage dept then are alerted to a property that is either empty, occupied by family or tenanted.. This could be a breach of mortgage terms if the property is being let out without consent. What then happens? 

The correct process is to alert your mortgage provider that you plan to leave to be an expat. If this is a temporary arrangement, some lenders may be comfortable with the mortgage remaining as is. If you plan to let the property, then getting a form filled from the bank called a ‘consent to let’ would be required, the bank may have the right to apply a loading to your existing rate of around 0.5 -2% so your payments may increase.  

If you have not done the above and you don’t plan to return anytime soon, then sourcing an expat BTL remortgage will be essential. This takes the worry out of what your lender might do, and if you want a better rate than the ‘loaded’ consent to let deal, then an Expat mortgage could save funds in the long run. 

Simon Murphy is an International Mortgage Broker who resides between Spain | Ireland | UK

Having been in finance for over 17 years & as a Qualified & FCA Regulated UK mortgage professional he can give expert mortgage advice to Expats Worldwide, UK residents & those considering buying abroad with a foreign currency mortgage. 

Testimonial

 Thanks for your help and dedication in securing my mortgage. Especially since Id changed my job role recently, without your intervention I may have lost the property! At last I’m packing boxes.. 

Mrs A (South West), Home Mover

Get In Touch

MY MORTGAGE DEAL

0044 (0) 7456 727 626
[email protected]

Remortgages for Expats

Remortgages for Expats

I’m a UK expat residing in Europe / Dubai / Australia and I still own property in the UK. Is it possible to remortgage to release funds or to get a better rate? 

The simple answer is yes.. However there are very few lenders who will permit this, and most are not your usual high street banks, that’s why you may find it difficult to obtain with normal search software or standard mortgage brokers. 

Additionally some lenders that accept expat mortgages, only work with Specialist Mortgage Brokers, because more skilled advice is required. So even if you found a bank that does it, they may not permit you to apply, unless you use a mortgage broker. 

A good example of this type of lender is Vida .. Vida ‘who’ you say !..  Vida are a specialist lender and only work with more skilled mortgage brokers. Vida don’t have any branches and everything is handled online including Expat mortgages. 

So the good news is Expats have more options to remortgage than compared to a few years back, but it is recommended to use a mortgage broker skilled in aspects of Offshore | Foreign Income and Expat borrowing – Happy to assist any enquiries www.mymortgagedeal.co.uk/expats   0044 7456 727 626 

Simon Murphy is an International Mortgage Broker who resides between Spain | Ireland | UK

Having been in finance for over 17 years & as a Qualified & FCA Regulated UK mortgage professional he can give expert mortgage advice to Expats Worldwide, UK residents & those considering buying abroad with a foreign currency mortgage. 

Testimonial

 Thanks for your help and dedication in securing my mortgage. Especially since Id changed my job role recently, without your intervention I may have lost the property! At last I’m packing boxes.. 

Mrs A (South West), Home Mover

Get In Touch

MY MORTGAGE DEAL

0044 (0) 7456 727 626
[email protected]

UK mortgage without a credit footprint

UK mortgage without a credit footprint

I’ve not lived in the UK for 20+ years, is it really possible to get  a UK mortgage, especially when I have no credit footprint ? 

A common question from the worldwide expat community. If you went back 7-8 years ago, there would be no lender permitting this scenario. However UK lenders are fighting for business, and many Expats are financial stable, and are seen as a worldly wise and savvy group to explore. 

At the outset most expat lenders want the borrower to either own already a UK property or have a credit footprint. However there are a number of bespoke lenders who don’t need either. 

So in effect they will permit a First-Time Buyer, Expat with No Credit footprint in the UK, additionally, if a UK bank account is required, we can advise on some of the mobile app banks that can be opened in minutes from worldwide locations, that will start to create a credit footprint. 

Simon Murphy is an International Mortgage Broker who resides between Spain | Ireland | UK

Having been in finance for over 17 years & as a Qualified & FCA Regulated UK mortgage professional he can give expert mortgage advice to Expats Worldwide, UK residents & those considering buying abroad with a foreign currency mortgage. 

Testimonial

 Thanks for your help and dedication in securing my mortgage. Especially since Id changed my job role recently, without your intervention I may have lost the property! At last I’m packing boxes.. 

Mrs A (South West), Home Mover

Get In Touch

MY MORTGAGE DEAL

0044 (0) 7456 727 626
[email protected]