Remortgages for Expats

Remortgages for Expats

Remortgages for Expats

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 

Remortgages for Expats

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
INFO@MYMORTGAGEDEAL.CO.UK

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 ? 

UK Mortgage Without A 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. 

UK mortgage without 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
INFO@MYMORTGAGEDEAL.CO.UK

Live in Spain and want a property in the UK

Live in Spain and want a property in the UK

Live in Spain and want a property in the UK

​I often get asked this question, and it seems to tie in with concerns around Brexit. I suppose many UK expats would like to cover all bases should they have to return to the UK, and not have to start all over again in the property market. 

So can UK expats earning in Euros get a new ‘first time buyer’ mortgage in the UK ? the answer is yes, but it does depend on the propertys stated use at the outset. 

Firstly, If the property is to initially let out to a tenant, with no immediate intention to return to live in it, then amazingly it is easier to obtain an Expat BTL for first time buyers. 

Secondly, If the requirement is for personal use, to reside in, very few lenders will permit this, however there are some. 

Thirdly, if you want to have both tenanted use and/or personal use, like to do a holiday let / city let with the property, then this is probably the rarest mortgage to find. However as a skilled specialist expat mortgage broker we have some options for this too !

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
INFO@MYMORTGAGEDEAL.CO.UK

Unusual Expat Mortgage enquiries

Unusual Expat Mortgage enquiries

Unusual Expat Mortgage enquiries

Love this question.. I get lots of different scenarios being an Expat mortgage advisor for UK and Overseas property.

Ok let me think… So I had an enquiry from a Pakistani National (living in France, Eu right to reside) he owned a couple of UK properties held in an offshore ltd company in Channel Islands. Properties worth around £2 Mil 

He wanted to refinance and release some capital to purchase a property in South of Spain near Marbella, topped up by a Spanish Euro mortgage.  So this was a Foreign currency purchase with 100% finance. 

I was able to source an offshore lender, who would consider UK property and release 50% loan against value this was £1Mil and covert to euros with a 60% loan against the Spanish property of €1.67Mil

Total; 

  • Cap Raise €1.17M + Spain Lending €1Mil   total €2.17M  to include purchase costs at 15% 
  • Property purchase in Spain of €1.67M.   

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. Unusual Expat Mortgage enquiries

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
INFO@MYMORTGAGEDEAL.CO.UK

UK Mortgage rates for Expats

UK Mortgage rates for Expats

What sort of mortgage rates can I expect to pay as an Expat with UK property ?

Mortgage rates for expats are not as attractive as ‘standard’ UK mortgages, however this is because the lender is taking a greater risk, as the person they are lending to is not a resident where the property is.. for example, it is pretty easy to get UK mortgages priced at around 

1.75%  > 2.1 %  UK standard market   ( as at April 2019) 

Compare that with Expat lenders:

2.89% > 4.14%  Expat ‘Buy to Let’ market   ( as at April 2019) 

So in many cases there is a 1 – 2% differential.  But it is not a crazy differential and if you reside in a place like Dubai where there is no income tax, you may be happy to accept a slightly higher mortgage rate. 

Additionally there are usually entry fees for expat mortgages such as a valuation and application fee. It would be wise to budget 1-2% for these too.UK Mortgage rates for Expats

What factors increase the rate? there are a number of reasons : (not exhaustive)  

  • Non sterling income – currency risk
  • Earning below £25,000 – affordability risk
  • Type of property  – if above or near commercial 
  • Type of tenant – student let versus standard 
  • Non UK tax payer 
  • Only getting income in a foreign currency 

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
INFO@MYMORTGAGEDEAL.CO.UK

Whats the oldest an Expat can take a UK mortgage to

Whats the oldest an Expat can take a UK mortgage to

As an Expat residing overseas, what is the maximum age I can take a UK mortgage to? 

Whats the oldest an Expat can take a UK mortgage to. A really good question, most expats with a mortgage in the UK are likely to ‘rent’ out their property under an AST (Assured Shorthold Tenancy) , if this is the case and the person renting is not a relative, it is more straight forward, because under UK mortgage regulations, this type of mortgage is a BTL and is not regulated. 

What this means is the terms you can obtain are more flexible including when the mortgage term can finish. Most Expat BTL lenders permit a term to age 85. However some even permit a 90+ term end and one or two have a ‘no max age’ at term end. 

Why have a mortgage to your 90’s ?? sounds crazy… Well remember as a BTL mortgage the tenant is in effect paying the mortgage while you can use your own funds for other purposes, and as rates are pretty low, this frees up your own capital to enhance your lifestyle or invest for higher returns. 

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
INFO@MYMORTGAGEDEAL.CO.UK