Can you tell me about mortgage provision for expatriates?
Brian McCarthy talks us through the topic of finding a mortgage if you are an expatriate.
At ESPC we are coming across increasing numbers of clients who are UK nationals (resident and working abroad), who are keen to consider a property purchase in Edinburgh, either as an investment property with the intention to let out immediately and benefit from potentially increasing capital value over the long term, or to purchase as a second home to be used for their own use for holidays or when they return to the UK. In the meantime, they may wish the flexibility of letting the property out when they are not occupying it.
Sourcing a mortgage provider
Most clients require a mortgage to assist in such a purchase and the vast majority of high street lenders will not lend as the client is not a resident in the UK. However, we can source a number of providers who will provide mortgage funds based on low UK residential mortgage rates. The client needs to meet the criteria set down by the lender, such as employment by a multinational organisation, minimum deposit of 15% to 25% of the purchase price, or approval by the lender of the country of residence.
We can also assist non-UK nationals, resident abroad who are considering a property purchase in Edinburgh. As non-UK nationals, this needs to be done by way of an international mortgage and there are a number of lenders we can source who are happy to assist, if the client meets their criteria. Normally a minimum deposit of 30% of the purchase price is required for an international mortgage.
Consult the experts
In summary, it is perfectly feasible for expatriates and non-UK nationals to have access to competitive mortgage products, but as always one should first consult ESPC to ensure the mortgage funding would be available. Come and chat to me for more information and a better understanding of mortgage provision for expatriates
Want to know more?
Brian McCarthy is a Financial Planning Consultant who aims to help those who need help finding mortgage solutions. You can call him on 07956 969 859 for more information.
Read some of Brian's other articles:
- What is shared ownership?
- What is shared equity?
- Can you tell me about income replacement cover?
- New developments for first time buyers
The initial consultation with an adviser is free and without obligation. Thereafter, ESPC Mortgages charges for mortgage advice are usually £350 (£295 for first-time buyers). YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOANS SECURED AGAINST IT.