Expat mortgage financing for ‘Brits abroad’

It is estimated that over 5.5million Britons permanently reside abroad1. Be them young professionals or retirees, there are a large number of sources challenging this figure by suggesting it’s too low. Considering this confusion does anybody really know how many British expatriates there actually are across the world?

Moving to a different country, with the corresponding lifestyle change and different culture appeals to many. However, as an expat living abroad there may come a time you decide to return to the UK. As such, many explore the options of purchasing a property in their home country ahead of their return or simply because they wish to have a UK based investment, in a place and asset type they feel they understand.

British Expats living abroad often face the same challenge as UK residents who receive all or part of their income in a currency other than sterling. In this instance, the mortgage will be classed as a foreign currency loan. Due to the additional underwriting and ongoing monitoring requirements that are a regulatory requirement for such loans, they are only offered by a relatively small number of lenders. “Of the 200 or so lenders in the UK, only 25 will deal with expatriates at all” comments Associate Director, Matthew Hillyer.

Nonetheless, by using a broker who is an expert in this field and who understands the additional underwriting requirements, the difficulties clients in some regions will have providing certain documents and who has good relationships with the lenders in this specialist market, it is still possible to obtain mortgages to facilitate the purchase of a property, whether for a property for the clients own use or as an investment property, remortgage, capital raise or a combination of all of these.

Featured in this month’s edition of Business Life Magazine, Hillyer continued by saying “some lenders are happy to work with expatriates living in stable places – such as the US and Europe – fewer will want to work with you if you’re living somewhere perceived as risky.”2 Fortunately, largemortgageloans.com has over 16 years’ experience in finding mortgage finance for all kinds of complex expat situations. To see examples of how we have helped a range of expat clients, take a look at our case studies.

To discuss expat mortgages and the options available to you, contact us today.

Your home or property may be repossessed if you do not keep up repayments on your mortgage.

Changes in the exchange rate may increase the sterling equivalent of your debt.

You may have to pay an early repayment charge to your existing lender if you remortgage. Think carefully before securing other debts against your home.

This information does not constitute financial, legal or accounting advice. Investors should seek their own independent advice before proceeding.

1 http://news.bbc.co.uk/1/shared/spl/hi/in_depth/brits_abroad/html/default.stm

2 https://issuu.com/businesslife.co/docs/bl63

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Your home or property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Changes in the exchange rate may increase the sterling equivalent of your debt. You may have to pay an early repayment charge to your existing lender if you remortgage. Think carefully before securing any other debts against your home.  

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