Can a non UK resident get a mortgage?
Are you a non-resident buying a main home, a second home or investment property? Our mortgage service makes it easy to find a UK mortgage designed to suit you.
As lenders can be averse to borrowing money to ex-pats or foreign nationals, you will need to demonstrate a number of requirements to show your affordability and stability, just as you would if you were taking a normal applying for a normal mortgage.
Let us help you with a residential or a buy-to-let mortgage. A residential mortgage will be for a property that you want to live in, and a buy-to-let mortgage will be for a property that you intend to let out as an investment whilst you live abroad.
The small details to remember if you are a non UK resident getting a mortgage:
Bank statements and pay slips must be in English to be used. On more than one occasion I have an encountered a client with documentation in the local language that cannot be used.
This can slow the buying process hugely while you liaise with your bank/employer for English replacements. This can take time to produce (1 week is not uncommon) and if speed is important to your purchase (as is often the case), it is worth doing this early so once you identify a property you’re interested in you’re ready to move quickly.
If you're self-employed expat lenders will again need to see evidence of income. What's important here is the accountant you use is an internationally recognised one - this will provide the lender with the comfort they need regarding your income. A local accountant who only operates in the country you're living in will not be acceptable. So, as with having income documents in English, consider making these arrangements now if you're self-employed and looking at property back in the UK.
Arranging this type of mortgage from overseas need not be problematic and time consuming with the right broker. They will be able to use lenders who don't operate on the high street and consider your wider profile and asset base along with the rental income on the property. In this area more than most, your choice of broker is crucial. Get it right and you could have multiple options to choose from, get it wrong and you may not have a loan at all.
Our mortgage offering includes options to suit your situation and your reasons for purchasing the property.