Mortgages for US Nationals

We have strong relationships with over 300 lenders globally and have direct access to decision-makers.

The current exchange rate between the sterling & US dollar is certainly attractive to US residents who want to invest on British soil, especially with prime London properties. The weaker pound means that US investors who are either looking to diversify their portfolio or invest for the first time are seeing double-digit price cuts as the exchange rate combined with a drop in UK house prices are providing bargains compared to 10 years ago.

The recent fall in the pound is currently 17.5% against the US dollar year to date, making buying UK property look attractive for those investing in US dollars, as London is considered a ‘safe haven’ for investors.

Compared to 2014, when sterling was equivalent to $1.71, and property prices in London were 13% higher, the discounts available today to US buyers equal around 40-45%. A property listed in the desirable Knightsbridge district for example for £5 million would have cost $8.6 million eight years ago compared to $4 million today.

English property ownership laws are also probably one of the most robust in the world, and even when international markets are feeling a little instable following the recent global pandemic, London prices remain confident which makes buying across the pond even more attractive.

Whilst nothing is guaranteed, it is expected that you can make a profit of around 50% on London’s prime real estate. The average house price index in a number of London’s most desirable boroughs have reported an average increase of 57.4% in value over the decade to January 2020. In fact, the average London property in 2012 was £292,000 compared to £667,000 10 years later.

As a US citizen applying for a British mortgage, the Foreign Account Tax Compliance act, requires full disclosure of non-US financial assets to the IRS (Internal Revenue Service). This additional paperwork can sometimes deter some UK lenders from considering a mortgage application from Americans, however, there are a number of specialists & boutique lenders which will accept applications from US domiciles.

Largemortgageloans.com has strong relationships with over 300 lenders globally and have direct access to decision-makers which provides us with the opportunity to present our client’s cases direct to the people who matter, meaning our speed of response is second to none.

The Process

  1. In America, its common for buyers to get a loan approved before a property is found, however in the UK this is known as a Decision in Principle which provides estate agents confirmation that you have been agreed in principle, subject to further checks based on the property and any other assets.
  2. Once a property has been found, the lender will carry out a valuation on the property to ensure it meets it’s criteria and that a final mortgage offer is produced.
  3. The UK has fixed and variable rates available, but this is traditionally only for the first 2-5 years of the mortgage, unlike in the USA buyers can typically fix for the life of their mortgage.
  4. Once a mortgage offer is produced, solicitors are instructed to start the legal process which includes the exchange of contracts before finally completion takes place. At the exchange of contracts, this is when the buyer needs to pay the ‘deposit, usually 10-15% depending on the mortgage amount, into the solicitors account.
  5. Upon the completion date, the mortgage lender will pay the funds into the sellers solicitor’s account and the purchase is completed.
  6. Largemortgageloans.com will contact you before the initial fixed or variable rate is coming to an end in order to refinance you onto a better deal.

Call one of our specialist team of advisers today to see how we can help.

Reasons to use Largemortgageloans.com:

  • We have relationships with over 300 lenders globally
  • Specialists in facilitating large-value mortgages
  • Experts in facilitating finance solutions across a wide range of asset classes, including real estate, jets, yachts, art & cars
  • Lombard lending available ensuring you pay the cheapest rate
  • Experts in complex requirements for high-net-worth and ultra-high-net-worth individuals
  • We can help foreign nationals, British ex-pats living abroad, UK residents earning foreign income, and ‘Non domiciled’ UK residents with offshore or overseas income looking for tax-efficient solutions.
  • We can help with all aspects which include residential, buy to let, commercial, overseas & multi-currency mortgages.

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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.  

largemortgageloans.com is a trading name of Largemortgageloans.com Ltd, Aegon House, Ground Floor Suite, 13 Lanark Square, London, E14 9QD authorised and regulated by the Financial Conduct Authority (FCA). Our FCA registration number is 302228 and can be viewed by visiting the FCA website: www.fca.org.uk. The FCA does not regulate tax advice or some aspects of commercial, buy to let, overseas mortgages, bridging finance, finance and asset lending. Largemortgageloans.com Ltd is a licensed credit broker, and not a lender.

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Largemortgageloans.com Ltd Registered in England and Wales No: 5070990 Registered Address: As above. The guidance and advice contained within the website are subject to the UK regulatory regime and is primarily targeted at UK customers. Calls may be recorded for training and monitoring.