Expats can get mortgages

Sarah Davidson

January 7, 2015

They need to have stable local and international bank accounts, be careful that interest rates are in the currency they want and make sure they are not being charged additional fees by lenders.

Despite expats being typically being classed as ‘high risk’ by UK lenders 95% of deVere’s customers have their applications accepted.

White said: “Is it impossible for a British expat to get a UK mortgage nowadays? No, not at all.

“Even in today’s tougher mortgage environment, it’s our experience that if expats follow certain criteria, mortgage approval should not be any harder for expatriates than for UK residents.

“These criteria include being seen to have both local and international bank accounts that are relatively stable; demonstrating that they have committed to saving a decent deposit; and hiring the services of an English-speaking public notary or lawyer who can certify documents locally.”

He added: “Expatriates need to be careful that interest rates are in the currency they want the mortgage in. For instance, a mortgage in sterling for a client earning in Dirhams (UAE) could mean the mortgage payment goes up as and when currencies fluctuate.

“Expats must also make sure they are not being charged ‘additional fees’ because of their offshore status. We have seen mortgage brokers charge up to 1.5% of borrowing because they are an expat.

“Expats need not be frozen out of the UK property market. I’m confident with the right advice and the following some fundamentals, there is no need for British people living overseas to be left out in the mortgage wilderness.”

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