EXPAT MORTGAGE
Mortgage Generator can assist expats with getting a mortgage and explain the different types.
Most high street lenders don’t offer expat mortgages because they can’t easily credit search applicants who aren't in the UK.
WHAT IS AN EXPAT MORTGAGE?
To explain what an expat mortgage is, we should explain what it means to be an expat!
An expat is someone who’s currently residing in a country that they’re not a national of. You’re a UK expat if you’re from the UK but live abroad.
An expat mortgage is a mortgage you’d take out on a property in the UK while you’re a UK expat – i.e. a UK national living abroad. This is different from an overseas mortgage, which is where you take out a mortgage for a property that’s not in the UK but overseas.
TYPES OF EXPAT MORTGAGES UK
You can get expat mortgages and expat remortgages for residential and buy-to-let properties. They’re available on repayment and interest-only bases, as well as with fixed, tracker and discount rates.
Mortgage on a Main Residence in the UK
You may want an expat mortgage on a residential property if:
- You plan on moving back to the UK.
- You’re situated overseas but your family live in the UK and you want to buy a property for them to live in and for you when you return.
Residential mortgages are available on repayment and interest-only bases.
Buy-to-Let for Expats
You may want an expat mortgage on a buy-to-let property if:
- You’re looking to remortgage a residential property onto a buy-to-let basis because you’re about to move overseas.
- You’re situated overseas and have consent to let on a UK property, but need to remortgage it onto a buy-to-let basis.
Almost all buy-to-let mortgages are interest-only.
