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Applying for a UK Mortgage as an Expat: All You Need to Know

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Applying for a UK mortgage to purchase a property as an expat can be complicated! There are many considerations, such as:

  • Finding British mortgage providers offering expat mortgages.
  • Passing more stringent eligibility checks.
  • Having a UK bank account to make mortgage payments from.

Revolution Brokers has years of experience negotiating mortgages for British nationals living overseas or global expats looking to purchase a residence, holiday home, or investment property in the UK.

Today we’ll explain a little more about what to expect.

If you need any further advice finding competitive expat mortgages lending, please give our team a call on 0330 304 3040 or drop a message to [email protected]

UK Expat Mortgages: The Basics

In essence, an expat mortgage works like any other. However, the difference is that the lender will consider applicants that live overseas.

The reason it’s tricky to find an excellent expat mortgage is that many lenders see this as high risk, so they either don’t offer expat mortgages or only offer them with rigorous qualification criteria and heavy deposit requirements.

There are several ways to improve your chances of approval and secure a more attractive interest rate:

  1. Consult a specialist expat mortgage broker! We have whole-of-market access, so compare every product available and provide oversight of the best deals.
  2. Get your finances in order. Lenders like to see proof of earnings, and a lot depends on your income stream and where that income originates. For example, some require applicants to have a UK job role (potentially based on an overseas location), and others will only lend to expats with employment in specific countries.
  3. Review your credit history. Expat mortgages are already higher risk than a conventional residential home loan, so you’ll need a clean credit history or ensure it’s as up to date as possible.
  4. Apply for an acceptable loan term. Some lenders don’t have upper age limits, but many do – if you apply for a term that ends before you reach 70, you’ll have more options.
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In most cases, an expat mortgage provider requires a UK bank account, so if you can get that set up in advance, you’ll strengthen your application.

Eligibility Factors for Expat Mortgages

The next step is to look at the policies in place and ensure you’re in a position to pass affordability and eligibility checks.

Criteria for expats are usually somewhat different, but these vary considerably between lenders.

If you’re concerned about not meeting one of these criteria, get in touch as a niche lender may offer greater flexibility.

Standard Expat Mortgage Criteria

  • A traceable UK credit history (more on this shortly!).
  • Proof of a steady, reliable income stream – with signed confirmation from an accountant with an internationally recognised qualification.
  • Payslips, bank statements and tax records.

If you don’t have a credit history or have a low score because you’ve been living abroad for some time, there are a few tips that might improve your prospects.

Having a UK address, even if it’s just for correspondence, is beneficial. That could be an address of a friend or family member, for example.

Higher deposits lower the lender risk, so if you can collate a more substantial down payment, you might be able to forgo some of the other requirements.

Maintaining a UK credit history is relatively simple.

You can take out an international credit card from a British lender, for example, or hold a domestic bank account and use that to demonstrate good use of credit and prompt repayments.

Expat Mortgage Deposits

Standard UK residential mortgages usually require a minimum 5% deposit at the bottom of the scale.

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However, as an expat, you’ll likely need at least a 25% deposit against the property’s value.

Depending on the type of property and location, that can vary, but you will rarely find approval with a lower initial contribution.

Anything with a high Loan to Value ratio (LTV) is already a higher-risk lending product, so saving up a larger deposit is one of the easiest ways to reduce your mortgage interest rates.

Acceptable Deposit Sources for Expat Mortgages

You’ll need to evidence where your deposit comes from (i.e. savings, family gift, inheritance income), which requires more involved checks to demonstrate that the funds are from a legitimate source.

  • Savings held in the UK or overseas account – depending on where you live.
  • Investment income from capital stocks or shares.
  • Property sale proceeds.
  • Equity in an alternative property – most accessible if the residence is in the UK, but possible in some cases against an overseas home.
  • Inheritance income that has been through probate.
  • Gifts – usually accepted, provided the money comes from a close relative.

If you need any further guidance about sourcing a deposit for an expat mortgage or complying with the other conditions we’ve explored, please get in touch with the Revolution team.

Affordability checks and income evidence are more complex, but it is possible to find an excellent expat mortgage deal with expert advice from the leading UK mortgage brokers.

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Portuguese historical films will premiere on 29 December.

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Portuguese historical films will premiere on 29 December.

Method Media Bermuda will present the documentary FABRIC: Portuguese History in Bermuda on Thursday, December 29 at the Underwater Research Institute of Bermuda.

A spokesperson said: “Method Media is proud to bring Bermuda Fabric: Portugal History to Bermuda for its 5th and 6th showing at the Bermuda Underwater Observatory. In November and December 2019, Cloth: A Portuguese Story in Bermuda had four sold-out screenings. Now that Bermuda has reopened after the pandemic, it’s time to bring the film back for at least two screenings.

“There are tickets Ptix.bm For $ 20 – sessions at 15:30 and 18:00. Both screenings will be followed by a short Q&A session.

Director and producer Milton Raboso says, “FABRIC is a definitive account of the Portuguese community in Bermuda and its 151 years of history, but it also places Bermuda, Acors and Portugal in the world history and the events that have fueled those 151 years.

“It took more than 10 years to implement FABRIC. The film was supported by the Minister of Culture, the Government of the Azores and private donors.

Bermuda Media Method [MMB] Created in 2011 by producer Milton Raposo. MMB has created content for a wide range of clients: Bermuda’s new hospital renovation, reinsurance, travel campaigns, international sports and more. MMB pays special attention to artistic, cultural and historical content.

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#History of Bermuda #A photo #Portuguese

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CRISTANO RONALDO CAN MAKE UP A GIANT IN CARIOCA AND PORTUGUESE TECHNICIAN SAYS ‘There will be room’

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CRISTANO RONALDO CAN MAKE UP A GIANT IN CARIOCA AND PORTUGUESE TECHNICIAN SAYS 'There will be room'

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Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

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Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

Maestro Filipe Cunha, Artistic Director of the Philharmonic Orchestra of Braga, has been invited to conduct the Cuban National Symphony Orchestra, as announced today.

According to a statement sent by O MINHO, “he will be the first Portuguese conductor to conduct this orchestra in its entire history.”

In addition to this orchestra, the maestro will also work with the Lyceo Mozarteum de la Habana Symphony Orchestra.

The concerts will take place on 4 and 12 March 2023 at the National Theater of Cuba in Havana.

In the words of the maestro, quoted in the statement, “these will be very beautiful concerts with difficult but very complex pieces” and therefore he feels “very motivated”.

From the very beginning, Rachmaninoff’s Piano Concerto No. 2 will be performed by an Italian pianist (Luigi Borzillo), whom the maestro wants to bring to Portugal later this year. In the same concert, Mendelshon’s First Symphony will be performed.

Then, at the second concert, in the company of the Mexican clarinetist Angel Zedillo, he will perform the Louis Sfora Concerto No. 2. In this concert, the maestro also conducts Tchaikovsky’s Fifth Symphony.

“This is an international recognition of my work. An invitation that I accept with humility and great responsibility. I was surprised to learn that I would be the first Portuguese member of the Cuban National Symphony Orchestra. This is a very great honor,” the maestro said in a statement.

“I take with me the name of the city of Braga and Portugal with all the responsibility that goes with it, and I hope to do a good job there, leaving a good image and putting on great concerts. These will be very special concerts because, in addition to performing pieces that I love, especially Rachmaninov and Tchaikovsky, I will be directing two wonderful soloists who are also my friends. It will be very beautiful,” concludes Filipe Cunha.

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