Foreign national or Expat looking for a UK mortgage? Finding it difficult? Talk to Simply Lending Solutions
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Mortgages for Foreign Nationals and Expats
If you’re a British citizen living abroad but looking for a mortgage for a UK property it can be hard to get all the information you need. Similarly, if you’re a foreign national either living in the UK or overseas, it may not always be clear what details you need to provide in order to successfully apply for a UK mortgage. Simply Lending Solutions can help
Our CeMAP qualified brokers understand the different eligibility criteria for both expats and foreign nationals, and we know what supporting evidence lenders will want to see in order to consider your application.
If you live abroad we give you the benefit of a UK-based service to help your application go more smoothly and avoid costly delays, and as whole-of-market brokers we have access to the type of specialist lenders who will consider you for a mortgage when others might not.
Whatever your circumstances a free initial consultation with Simply Lending Solutions can set you on the way to securing a mortgage for a UK property, no matter where you live.
Mortgage help for expats
UK citizens who live abroad but want to buy a property in the UK can face a number of problems when they start to look for a mortgage, all of which are largely connected to the checks that lenders make when assessing an application.
If you are both living and working overseas then there may be some issues around assessing your income. This relates to both the size of your income, due to example changing exchange rates, as well as the stability of your income
In addition, it may be hard for a lender to identify your employer, particularly if you are working for a smaller, locally based company. If you’re self-employed it’s important that use an accountant who is internationally recognised. Whatever your employment status, lenders want to be able to see where your income is coming from.
If you’ve been living abroad for some time lenders may also struggle to trace a credit history for you. As your credit history demonstrates your past financial behaviour, without this, lenders may be reluctant to lend to you.
Where you are living can also have a bearing on how acceptable a lender will consider your application. There may be some unwillingness to lend to UK citizens living in countries known to have problems with money laundering or criminality.
Talking to a Simply Lending Solutions’ specialist mortgage broker can help you navigate these potential difficulties.
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Can foreign nationals get a UK mortgage?
Foreign nationals living either inside or outside of the UK can get a mortgage for a UK property with the right help and advice.
If you area foreign national living overseas then you will face similar problems to the ones described above for expats. You may also have additional obstacles, in particular in relation to proving your identity.
For foreign nationals living in the UK, the evidence that lenders will want to see to support your application will vary depending on where you are from.
Currently for EU citizens lenders will want you to have lived in the UK for over 3 years, you should have a UK bank account and you should have a permanent job in the UK.
For non-EU citizens you are required to have lived in the UK for at least 2 years, and again you should have a UK bank account and a permanent job. You should also have permanent residency, indefinite right to remain or a work permit.
Not all lenders are happy to lend to non-UK lenders so it’s worth speaking to a specialist mortgage broker who can advise you as to you most appropriate options.
What difference will Brexit make to EU citizens applying for a mortgage?
UK citizens who live abroad but want to buy a property in the UK can face a number of problems when they start to look for a The defining characteristic of Brexit so far has been uncertainty, and mortgage applications are no different. There have been some reports that lenders are already treating citizens of the other EU countries differently to UK citizens although this has been denied. Nevertheless, it is inevitable that there will be changes, although these will be dependent on the terms of the final withdrawal agreement, or alternatively a no deal scenario.
It’s possible that EU citizens will end up being treated in the same way as non-EU citizens currently are in respect of mortgage applications. If you are a UK citizen living in one of the other EU 27 countries the impact may be less, as you will still be treated as a UK citizen living abroad. Whatever the case, the ambiguity around any changes make it all the more important to speak to a mortgage broker with current knowledge of all the regulations in place.
Simply Lending Solutions mortgage help for expats and foreign nationals
As you can see the requirements for expats and foreign nationals looking for a UK mortgage are dependent on a number of different factors. Add to that the fact that different lenders will have their own specific criteria and it’s clear why talking to a qualified mortgage broker who understands all the different conditions will be beneficial.
At Simply Lending Solutions our specialist mortgage brokers regularly work with expats and foreign nationals. This gives us the experience you’ll need to steer your way through the mortgage market.
We are whole-of-market brokers which means that we are not tied to one lender, allowing us to look at the widest possible selection of mortgage products for you. This is vital when searching for mortgages for expats or non-UK nationals as, depending on your circumstances, many of the standard mortgage products won’t be available to you. Our ability to search specialist lenders boosts the likelihood of you getting a competitive deal
This is also a very fluid market, so working with brokers like ours who are in the market every day gives you the reassurance that we always up-to-date with the latest regulations and lender criteria.
For expats it’s clearly advantageous to have a company like Simply Lending Solutions which is based in the UK working on your behalf to secure a UK mortgage. We’ll take the stress away from you, as you won’t have to face the struggle of trying to find a mortgage yourself for a UK property while you are overseas.
Take the hassle out of applying for a mortgage with our clear process
You first step toward getting an expat or foreign national mortgage is your free initial consultation with Simply Lending Solutions. We’ll use this time to understand what you are looking for and explain what we may need from you.
We then start searching the market for you, looking at the many lenders we have relationships with and contacting you if we need further details.
Simply Lending Solutions will then put together some options to discuss further with you. We’ll explain any fees that would be payable, what supporting documentation lenders require and all the other little details you’ll need to know.
Once you’ve chosen the deal you prefer, we’ll carry out an underwriting exercise to help reduce the risk of problems at a later date.
We’ll get all the documents we need from you, then submit the application to the lender.
Once the offer is received, assuming you’re still happy, we pass everything over to lawyers for exchange of contracts and completion.
You don’t pay us anything until you’ve received your formal mortgage offer, except in the case of some remortgages when you don’t pay until completion.
Mortgages we can help you with
Whether you’re an expat looking to return to the UK and buy a home, or whether you’re looking for a buy-to-let investment property, Simply Lending Solutions can help. Speak to our specialist mortgage brokers and discover how we can help expats and foreign nationals with all types of mortgages including:
- Mortgages for first-time buyers
- Home mover mortgages
- Buy-to-let mortgages
- Second charge mortgages
- Shared ownership mortgages