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EX-PATS & FOREIGN NATIONAL MORTGAGES

At Diamond Property Finance, we have extensive experience in helping British ex-pats and foreign nationals purchase property in the UK. Whether the property is intended for personal use or as an investment, specialised advice is necessary. Many lenders do not cater to clients residing outside of the UK, and finding the right financing solution can be a challenging process. Thus, it is crucial to work with a knowledgeable and experienced professional to navigate this complex process successfully. We are committed to working closely with our clients to understand their specific needs and provide tailored solutions to meet their unique requirements.

Scenarios we can assist with,

    • Relocating to the UK
    • Family homes
    • Investment property
    • New build Flats
    • Portfolio lending
    • LTD Company BTLs
    • Holiday Lets
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    Expat and Foreign National Mortgage Eligibility

    For borrowers who have moved abroad and are looking to refinance their existing property, or those looking to purchase a property ahead of returning to the UK, expat and foreign national mortgages offer an ideal solution.

    Expat mortgages are aimed at UK clients living abroad, whereas foreign national mortgages are designed for foreign nationals looking to purchase UK property, perhaps for investment.

    For investors, expat buy to let mortgages and foreign national buy to let mortgages are also available.

    For both mortgages, the application process is similar to a standard mortgage. However, eligibility for both expat mortgages and foreign national mortgages may vary slightly. Before applying, it’s important to collect together the following evidence as a minimum:

    • Proof of residency
    • Proof of a job/employment contract, and subsequently income or if self-employed proof of earnings
    • Proof of outgoings
    • Financial and credit history
    • Equity or a deposit to secure the loan, typically around 20%.

    The minimum income for expat and foreign national mortgages differs between lenders. There are even some who don’t have a minimum however, bear in mind that monthly payments may be slightly higher than standard residential mortgages due to currency differences.

    To account for currency fluctuations, mortgage lenders will take what’s called a ‘haircut’. I.e. they’ll reduce the income they use in the application to account for currency differences. This haircut amount will vary from one lender to the next, and one jurisdiction to another. However, ordinarily this amount is between 5% – 25% across the market.

    For exact criteria, speak to Diamond Property Finance today about securing your next UK mortgage.

    The Ex-pat & Foreign National Mortgage Process

    For expats and foreign nationals looking to purchase UK property, Diamond Property Finance will walk you through the various criteria and documentation required ahead of securing a mortgage. With direct access to key decision-makers, let’s get started on securing your UK property finance.

    • Typically, a 20% deposit is required for an expat or foreign national mortgage.
    • Due to currency differences, interest rates are slightly higher than standard residential mortgages.
    • Available as Residential and Buy-to-Let products depending on the borrower’s intention

    FREQUENTLY ASKED QUESTIONS

    What is an expat mortgages?

    An expat mortgage is a home loan specifically designed for individuals living and working abroad who wish to purchase property in their home country. These mortgages cater to the unique financial circumstances of expatriates, considering factors such as income earned in a foreign currency and the challenges associated with varying international financial regulations.

    Can I get a mortgage as a foreigner?

    Yes, foreigners can get a mortgage, but the eligibility criteria and available options may vary depending on the country and the lender. Some countries and lenders may have specific requirements for non-resident individuals, including proof of stable income, creditworthiness, and sometimes a higher down payment.

    How to apply for a uk expat mortgage?

    To apply for a UK expat mortgage, follow these general steps:

    – Research Lenders: Turn to lenders specialising in expat mortgages such as our experts here at Diamond Property Finance.
    – Check Eligibility: Ensure you meet the lender’s criteria for income, credit history, and other requirements.
    – Documentation: Prepare necessary documents, including proof of income, employment details, and address history.
    – Deposit: Determine the required deposit amount, as it may be higher for expat mortgages.
    – Application: Complete the mortgage application provided by the chosen lender.
    – Consult a Mortgage Advisor: Seek advice from a mortgage advisor familiar with expat mortgages.

    How do I get an expat mortgage?

    To secure an expat mortgage:

    Research Lenders: Identify lenders offering expat mortgage products.

    Evaluate Eligibility: Understand the eligibility criteria and ensure you meet the requirements.

    Creditworthiness: Maintain a good credit score.

    Deposit: Be prepared to provide a substantial deposit, as expat mortgages may require a higher percentage.

    Proof of Income: Gather documentation demonstrating stable income in a foreign currency.

    Consult Experts: Seek guidance from mortgage advisors or brokers specialising in expat