Who needs an expat mortgage?
There are various reasons why someone would need an expat mortgage, these range from; homeowners moving to another country and retaining their UK home as a base or an investment property, expats that are looking to return to the UK from living overseas, or expats that will remain in their host country and want to build a portfolio of UK investment properties.
Why is it difficult obtaining an expat mortgage?
Since the financial crisis, the mortgage market for expats has shrunk considerably, with many mainstream Banks & Building Societies withdrawing from this market altogether. Lenders generally are less likely to support lending on non-standard terms.
Expat mortgages are considered highly non-standard as when living overseas lenders are unable to carry our accurate credit checks that highlight your ability to manage credit agreements. They are also put of by the fact that earnings are denominated in foreign currency, as this makes it harder to ascertain what a borrower truly earns when exchange rates are forever fluctuating, and therefore makes it difficult to confirm that the mortgage is affordable.
The above factors contribute as to why expat mortgage rates tend to be more expensive and require a higher deposit than conventional mortgages. This does not mean that you can’t achieve an affordable expat mortgage product, it just means it can be a highly challenging process, hence why expert advice is generally required.
How can we help?
At Jordan Lynch we have been arranging mortgages for expats based mainly in Europe, the Middle and Far East as well as the States & Canada since 2006. We have connections with a range of UK Mortgage Lenders, Private Banks, Offshore Banks and Building Societies that are eager to lend to expats.
Due to our expertise and years of experience in the mortgage industry we have the knowledge behind us to get things right first time. From the very start we make it our mission to know all about your circumstances, as this determines which lender is most suitable. Having won awards for submitting the best business quality with lenders, it’s safe to say we know what we’re doing.
As an expatriate you’re unlikely to be in the UK for much/if not all the mortgage process. The Jordan Lynch advisers aim to take the stress away and will oversee the whole process from start to finish. From submitting your application to dealing with Estate Agents and Solicitors, we will do it all.