UK Mortgage for Expat Working Abroad

Luke_Smith_2

Hi,

I am an expatriate working in the Middle East but I would like to secure a UK mortgage so I can buy a home in England while the prices are low.

I have contacted a a few lenders directly such as the Co-Operative but they said they will not lend to me as I am not a UK taxpayer.

I have a 25% deposit and my earnings are in excess of the 1:4 ratio that lenders seem to work on.

I have contacted London and Country brokers to help with my search but I was wondering if anyone in my situation had any further advice or tips? - Are there any lenders who do not deal with the brokers but specialise in cases like mine?

Thanks in advance!

Luke

herbiesjp

In cases like this, you are better off going via a broker.

Most lenders will turn you away.

A limited few "may" look at your application - however it will depend on your exact circumstances as to whether they will look at your case or not.

Some may want a higher deposit, some may you want to be working for a large multi-national company, some may want you to return to the UK within a certain timescale, the country yo are working in can impact on a lenders response also, plus lots of other criteria etc.

A couple of cases done for some workers in the Libyan oilfields for example, would now be difficult to place.

dappodan1

Luke_Smith wrote: »

Hi,

I am an expatriate working in the Middle East but I would like to secure a UK mortgage so I can buy a home in England while the prices are low.

I have contacted a a few lenders directly such as the Co-Operative but they said they will not lend to me as I am not a UK taxpayer.

I have a 25% deposit and my earnings are in excess of the 1:4 ratio that lenders seem to work on.

I have contacted London and Country brokers to help with my search but I was wondering if anyone in my situation had any further advice or tips? - Are there any lenders who do not deal with the brokers but specialise in cases like mine?

Thanks in advance!

Luke

why dont you simplly get a Uk Mortgage overseas in the middle east all the banks are well represented in the UAE e.g. RBS Barclays, Lloyds TSB they offer mortgages against UK properties.

Luke_Smith_2

Thanks for the responses. It did cross my mind to secure the mortgage from Bahrain but the interest rates are 9% and you need a 40% deposit!

I was hoping to get the 10 year fixed rate at 4.75% (25% deposit) that i'd seen on Money Supermarket!! ha ha

I get the feeling that this wont be possible

Thanks again!

mic200202

The mortgage is always secured in the country the property is in for legal reasons.

A bit more paperwork involved but do-able.You simply wont have the luxury of picking and choosing deals across the market however.Your reluctance to deal with a broker is rather amazing in this case.

Jonbvn

Try this link for expat mortgages.
http://www.international-mortgage-plans.com/expatriate_mortgages.htm

Max. 75% LTV is the norm for expats.

teewave

For expat mortgages to could try See Financial Ltd.

Best rates appear to be at 60% LTV but can go as high as 90% LTV if returning to UK.