Great deals on expat mortgages
At Yomo Finance, we understand the unique challenges faced by British expats and foreign nationals living abroad who wish to invest in UK property. Our expat mortgage range is designed to cater to the specific needs of these international buyers, ensuring a seamless and hassle-free experience. Contact our team in Rochester now to find out more.
What is an expat mortgage?
An expat mortgage is a specialised mortgage product tailored for individuals who are not currently residing in the UK but wish to purchase or remortgage a property in the country. These mortgages are designed to accommodate the unique circumstances of expats, such as foreign income sources, credit histories and residency statuses.
Are you eligible for an expat mortgage?
While the eligibility criteria may vary depending on the lender, generally, you may qualify for an Expat Mortgage if you meet the following requirements:
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Residency status - you can be a UK national residing outside the UK (a British expat) or a foreign national living abroad who wishes to invest in UK property.
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Income and employment - Lenders will assess your income and employment status to determine your ability to make mortgage payments. This can include income earned in foreign currencies or from international sources.
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Credit history - While you may not have a UK credit history, lenders may consider your credit profile from your home country or other relevant financial information.
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Deposit - Most lenders will require a higher deposit, typically ranging from 25% to 40% of the property's value, to mitigate the perceived higher risk associated with expat mortgages
Case study: expat British national buying a home in the UK
Background:
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Previous property owner in the UK
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Average income
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Lives and works in France
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GBP income
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Married with no children
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An expat British national and living in France with his wife, was looking to buy their next home in the UK.
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Yomo Finance worked with clients to source the most appropriate lender and product within a short space of time. Advising the clients of the administration and documentation required as an expat. We supported the client by understanding their unique circumstances and navigating the expat lender market. Working with our specialist mortgage brokers, the client secured a mortgage at a competitive rate and the client successfully purchased their next home in the UK.
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