Do Expats Need a Credit History in the UK to Secure an Off Shore Mortgage?
A British expat seeking an off shore mortgage in the UK is likely to encounter this question when dealing with international mortgage brokers. The answer is NO.
UK Credit History Not Mandatory
International mortgage brokers don’t require a British expat to have a credit history in the UK in order to accept his or her mortgage application. This is because almost all international mortgage lenders only ask for your address history for the past 3 years.
Many, if not most British expats who request an off shore mortgage in the UK have usually worked for more than 3 years overseas, which makes it impossible for lenders to demand a UK credit history from them. Neither do foreign nationals need a UK credit history, since almost always they have not resided in the UK before requesting an off shore mortgage.
Having a Credit History May Help
Although not necessary when seeking an off shore mortgage, a credit history in the UK may help you secure better financing as an expat, in several situations. Better financing here means more attractive mortgage terms, and perhaps more flexibility regarding repayments.
So, as an expat, whether you want an off shore mortgage for a residential property, or for buy-to-let properties, you don’t need a UK credit history when submitting an application to a lender. But it’s often useful if you do.
Obtaining a More Competitive Off Shore Mortgage
Expats whose parents live in the UK can make their default banking correspondence address the address at which their parents live. By doing this, they can obtain better financing from a UK-based lender, since the latter will be able to check their credit history at that address.
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