Quite a number of expats can feel a little stuck especially if they are living off their pension income and or investments, and have UK property where a large part of their capital exists !
Many expat lenders have minimum income requirement, for example one bank insists that Expats demonstrate at least £25K (sterling equivalent) in personal income from employment and if it is self employment usually the bar is set higher, one lender requires £100K income if self employed as an Expat.
However there are a small handful of bespoke lenders that have ‘no minimum income’ requirement. So in essence the expat maybe only able to demonstrate state pension income and rental income totalling £11,798, far below the usual £25K required. Yet these lenders will consider capital release and remortgage deals for the expat in the knowledge that the property is self funding from the rent it generates.
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.
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
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