What will I need to get a mortgage?
As lenders are particularly averse to borrowing money to ex-pats or foreign nationals, you will need to demonstrate a number of requirements to show your affordability and stability – much like you would if you were taking a normal applying for a normal mortgage.
You will be looking for either a residential or a buy-to-let mortgage. A residential mortgage will be for a property that you want to live in, and a buy-to-let mortgage will be for a property that you intend to let out as an investment whilst you live abroad.
What if I have a UK residence card?
If you have a UK Residence Card, then you are in a better position than if you didn’t have one though you will need to ensure that your expiry date isn’t coming up during the time of your application.
If you’re thinking of purchasing a buy-to-let property, then rental income is very important, as this is what the lender will look at when assessing your affordability.
However, if the rental income is low, there are specialist lenders that will include your income to support the shortfall and bridge the gap to allow you to continue with your application.
Bank statements and documentation must be in English, as lenders won’t accept documentation in local languages.
This could have a detrimental effect on your buying process as you wait for replacement documents.
If you’re self-employed, then the lender will need to see evidence of your income and you need to ensure that you use an internationally recognised accountant that will provide the lender with the certainty that what they’re seeing is correct.
Generally speaking, a UK work permit or visa with open-ended permission to live in the country is mandatory to get your foreign national mortgage approved.
You will also find yourself being presented with better rates and a higher approval chance if you’ve lived in the UK before, or if you have funds in a UK bank account.
It can still be difficult to get a mortgage if you’re a foreign national, even if you’ve got the correct documentation, which is why it’s imperative that you speak to a mortgage adviser.
To find out how you could get a mortgage if you’re a foreign national, contact one of our expert advisers and they will be able to walk you through your next steps.
The lender market for these types of mortgages is particularly slim, and many people, whether they are expats or foreign nationals, are often put off by the small number of products available to them.