Q I need to get a residential mortgage and have a deposit of about £75,000. I am self-employed, a UK resident and earn – and pay tax on – all of my earnings in the UK.
However, I am at the moment in Asia and am largely paid by US-based organisations. Because of this, I have been told by one mortgage adviser that I gained’t be capable to get a mortgage. Is there any hope for me?
A Yes, there is hope for you, regardless of the high quality of recommendation you bought from the mortgage adviser you spoke to. Contrary to what they told you, it is completely potential so that you can get a mortgage whereas working abroad. You simply want to make use of a mortgage adviser who is accustomed to what are referred to as expat mortgages. These are mortgages for UK nationals who, such as you, are working abroad but need to purchase property in the UK, whether or not it’s on a residential or buy-to-let foundation.
“UK expats do find it harder to get a mortgage than Britons on the mainland,” says Pete Mugleston of onlinemortgageadvisor.co.uk. “Harder, yes, but not impossible, especially when you use a specialist expat broker” who is aware of which lenders are prone to lend to you and which is able to achieve this on the finest phrases on your personal circumstances.
A specialist ought to be capable to assist with “interest-only mortgages, financing for the self-employed, buy to let, unusually constructed properties and unusual mortgage terms”, he provides.