Ex-Pats

Mortgages for ex-pats is sometimes seen as tricky because some lenders will consider ex-pats as high risk borrowers. This is because it can be perceived as difficult to guarantee financial stability when an individual (s) has been living abroad for potentially a long time. As such, those UK citizens who live abroad who want to buy a property in the U.K. can be faced with a number of checks that lenders may need to make when assessing an application.Some of this stems from how a lender is able to assess your foreign income. In some cases, it may be hard for a lender to identify who your employer is especially in the case of smaller employers. If you are self-employed, it is really important that you use an accountant who is internationally recognized as lenders will want to see where your income is coming from.Lenders will also want to be able to see your credit history as this will enable them to assess your financial behavior and without this information they may be reluctant to lend.The following table should give you a good idea of the maximum Loan To Value (LTV) available if you are considering buying in the UK.

 

Employment status

Max LTV

Self Employed

75%

Contractor

85%

Employed

85%

Employed (Spouse in UK)

90%

Employed (Returning to UK)

90%

 

Where you currently live may also impact on whether a lender can lend to you. There may be some unwillingness to lend to UK citizens living in countries known to have money laundering issues or a criminal profile of some sort.

Checklist of key documents required

  • Copies of ID documentation i.e. passport

  • Proof of legal residence in the U.K.

  • Documents to prove affordability of mortgage (including but not limited to utility bills, or bank statements which show you can afford monthly payments, cash flow statements)

  • Documents to prove credit worthiness (such as a credit check, bank statements, proof of wages, P60 benefits statement or a letter from your employer)

Here at Finbud, our experts can provide you with the guidance you need to try and resolve any potential difficulties there may be.

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