Obtaining a UK Off Shore Mortgage as an Expat

Although off shore mortgage lenders in the UK cannot discriminate between expats and UK residents when considering mortgage applications, it often happens that expats get less competitive rates. And they usually also have to deal with certain obstacles during the application process that UK residents don’t encounter.

Problems Expats Are Likely to Face

Most British expats end up paying higher interest rates for an off shore mortgage, as well as additional fees. And then there is the issue with deposits. Expats usually have to settle for larger deposits compared to British residents.

In addition, some off shore mortgage lenders make the life of expat borrowers even harder, by compelling them to pay for insurance as well. On top of this, certain lenders use drastic penalties for late payments.

All in all, many expats end up obtaining off shore mortgages that are less appealing compared to the mortgages UK residents get. Most of these expats are, however, those who settle for the first mortgage lenders they encounter. In other words, they don’t do their research.

Research, Research, Research

British expats who do their research before applying for an off shore mortgage are much better off at the end of the day. They get a more competitive mortgage in terms of interest rates and arrangement fees and, usually, they don't have to worry that much about late payment penalties.

So, if you’re an expat yourself, doing your research before buying real estate property in the UK is wise. And the most important part in the research process is finding the most appropriate off shore mortgage lenders for your situation.

Not all mortgage lenders are the same. If you settle for the first one you encounter, chances are you won’t get the best possible mortgage.

Compare overseas investment and offshore investment bonds and funds 

As in all things, when comparing offshore overseas investments, advice should be sought from experts.