More choice for expats seeking a mortgage to buy a property in the UK

by Ray Clancy on February 27, 2014

After years of bad news, expat buyers should, on balance, have an easier time in 2014 finding a lender for a UK mortgage, according to international mortgage specialists.

uk-property-market

New lenders are now offering loans to expats of all nationalities who want to buy either their main home or a buy to let in the UK

Buyers living outside of the UK are not normally eligible for loans offered by UK high street banks and building societies, so it falls to specialist international mortgage brokers to dig deep and find the handful of lenders who are interested in serving this often overlooked, but buoyant part of the market.

There is now strong evidence of renewed interest in expat UK property buyers by the banks, possibly as a result of increased competition for UK mortgages among the main lenders, with the Co-op being the latest to re-join the fray for UK home loans.

According to specialist Offshoreonline at least three new lenders are now offering loans to expats of all nationalities who want to buy either their main home or a buy to let in the UK. Two of these are regional building societies, the third an international bank which specialises in central London properties.

Importantly for expats in Saudi Arabia and Australia, two of the most popular destinations for working expatriates, the banks will again lend to residents there.

‘For the regional UK building society this is a market which makes perfect sense. Most have always underwritten loans individually, so they have clear grasp of the risk profile of the borrower,’ said Tim Harvey, Offshoreonline’s managing director.

‘For these organisations, a working UK expat on a solid contract earning a tax free salary is a very attractive proposition, so it was only a matter of time before they began to wake up to the opportunities out there,’ he added.

Expats looking to buy a main home where a close member of family will be living, can now access variable mortgage rates as low as 3.14%, with a 20% deposit. Buy to let rates start from 4.99% with 40% deposits or 5.13% with a 25% deposit.

{ 1 comment… read it below or add one }

barry hughes January 18, 2017 at 8:36 am

I see from your website you offer ex pat mortgages to U.K. Residents living abroad
Basically I’m a U.K. Non resident living in the Republic of Ireland I’m an offshore oil and gas worker
I cannot get anymore buy to let mortgages through my own bank in Northern Ireland as I no longer have a U.K. Address
I have excellent income and four properties already would you be able to help me obtain buy to let mortgages to increase my property portfolio in Northern Ireland
Look forward to hearing from you

Thanks
Barry

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