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Mortgages for Non UK Residents

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Mortgages for Non UK Residents

    • 4.07% Initial
    • 5 year fixed
    • 6.6% APRC
    • Cashback Max £250
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    • 4.10% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.14% Initial
    • 5 year fixed
    • 6.3% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.17% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.17% Initial
    • 2 year fixed
    • 6.7% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.18% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
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    • 4.18% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
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    • 4.19% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback Max £1,250
      Free Legals
      Free Valuation
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    • 4.19% Initial
    • 2 year fixed
    • 8% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.20% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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Representative example based on a fixed rate mortgage

A mortgage of £375,000 payable over 20 years initially on a fixed rate for 5 years at 4.38% and then at the standard variable rate of 7.65% for the remaining 15 years would require 60 monthly payments of £2,351.88 and then 180 monthly payments of £2,899.55.

The total amount payable would be £663,156.80 which includes interest and product fees of £1,124.

The overall cost for comparison is 6.5% APRC representative.

Early repayment charges may apply.

Mortgages For Non UK Residents

Non-UK residents can apply for mortgages

You may encounter certain obstacles when trying to secure a UK mortgage if you are not a permanent resident of the United Kingdom.

Even though residency can make finding finance more challenging, there are still a number of products you can choose from, such as: looking to move back to the UK and wish to buy a property before you do, looking to buy a residential property as a UK base when you visit home, or buying property for a family member or buy to let.

 

Credit Score

Borrowers who have lived abroad for a long time might have particular difficulties finding credit in the United Kingdom if their credit history is not traceable. In the first instance, having no credit history may seem better than having a poor credit history, but this is not always true.

When an applicant lacks a credit history, lenders may view them as an 'unknown quantity', making it difficult for them to assess their risk of lending to you based on your previous credit history.

 

Evidence

It is the same as any UK mortgage that requires non-UK residents to provide evidence of several things, but proving income is more complicated. Usually, lenders require account statements and payslips, so it may be easier for employees of multinational companies with a UK presence to secure a UK mortgage. However, expats can still secure a UK mortgage even if they are self-employed.

Non-UK residents may also have difficulty proving things such as their current address during a mortgage application, particularly if their employers pay for their accommodation and utility bills. In these cases, they may need to obtain a ‘letter of induction’ from their employer.

 

Mortgage adviser

If you are a non-resident looking for a mortgage, you may want to consider using the services of an independent mortgage adviser in the UK. In addition to providing them with a UK contact who can help them navigate the market, they can also assist them with the application process.

As part of their whole of market service, advisers can search across a range of providers to find the most appropriate products for their clients by using their professional knowledge of the UK mortgage market. Additionally, there are some mortgages that can only be accessed through intermediaries, which might be the best option in some circumstances.

 

To investigate your finance options call our broker team or fill in our call back form -  speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464

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