If you’re living and working abroad but you’re looking to buy a property back home, then an expat mortgage might work for you. Expat mortgages are a type of loan designed specifically for individuals who are living and working outside of their home country but want to purchase property in their home country.
What is an Expat Mortgage?
An expat mortgage is a type of mortgage loan that is specifically designed for individuals who live and work outside of their home country but want to buy property in their home country. This is especially important for individuals who want to invest in property in their home country or want to have a permanent home to return to after their time abroad. These types of mortgages are typically available for individuals from various nationalities.
Different from domestic residential mortgages
Expat mortgages are subject to different rules and regulations than domestic residential mortgages. They may have higher interest rates and stricter conditions, and borrowers will typically need to meet specific eligibility criteria to qualify for the loan.
Where to find an expat mortgage
Expat mortgages are typically offered by international branches of major banks, such as HSBC, Citibank, Barclays, and specialist lenders. Some countries also have banks that provide expat mortgage services for their residents.
Expat mortgages may be arranged in the borrower’s home country currency or in another currency, depending on the lender. Some lenders will consider arranging the mortgage with payment in GBP or another if the borrower is paid in a different currency. In some cases, a lender who specialises in expat mortgages may allow the borrower to arrange the loan with a mix of currencies. This is particularly common where the borrower works for a multi-national corporation and is paid a salary in their home currency, or the country in which they live, but may receive bonuses in the currency of the country where the corporation originates from. For example, someone working for an American corporation in Europe may be paid in Euros but receive their annual bonus in USDs.
Speak to a specialist mortgage broker
If you’re looking to arrange an expat mortgage, it’s important to compare the terms and interest rates offered by different lenders to find the best deal. A specialist mortgage broker, like Large Mortgage Loans, can help you search the market to find the best expat mortgage solution. They can guide you through the process and help you find the best deal for your unique situation.
In summary, expat mortgages are designed for individuals who live and work overseas but want to purchase property in their home country. They are offered by international branches of major banks and specialist lenders and may be subject to different rules and regulations than domestic residential mortgages. To find the best expat mortgage solution, speak to a specialist mortgage broker today on 020 7519 4900.