What you need to know about Expat Mortgages in the UK
Expat mortgages can be hard to obtain in the UK at times. This is not due to a shortage of companies offering such mortgages, but rather to the complicated processes of sorting the paperwork and convincing the lender that you will be able to repay the money. What's more, most lenders regard expatriates as having a higher risk than UK-based borrowers, and so offer them less attractive rates.
If you're an expatriate working overseas and want to buy a property in the UK then chances are you wish to make the purchase because you either plan to relocate to the country at some point in the future and so you'll need a home, or simply want to make an investment in your home country. You may even want to do both. Regardless of you aims, many lenders will be able to help you.
To make things easier, you should answer a few essential questions:
1. Are you interested in residential or in buy to let mortgages?
This decision depends on what kinds of expat mortgages you are looking for. For a property that you plan to use as a home you should take a residential mortgage. On the other hand, for a property you plan to rent to others, you may take a business loan, which is often easier to obtain.
2. Should you check for on shore or off shore mortgages?
Depending on your situation, you may benefit from tax reductions if you choose off shore.
3. Are you self-employed?
Self-employed expatriates normally have a harder time in convincing lenders that they can pay their debts. If you work for someone else then you'll probably have fewer challenges ahead.Compare Mortgages on comparethefinancialmarkets.com
At the end of the day expat mortgages remain accessible, yet they may require more phone calls, emails, and paperwork than other types of mortgages. For the best rates for mortgages and more, check comparethefinancialmarkets.com.
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