UK returning expat mortgage that is perfect for you!

As with any mortgage loan, how much you can borrow comes down to affordability. An expat lender will look at how much you earn versus your outgoings. Your credit history will also affect your borrowing power (more on that below) as well as the amount of deposit you can afford to put down.

Most UK lenders will offer between 3.5 and 6 times your total annual income. It just depends on how they calculate your net income and apply their affordability criteria. Your employment history, outstanding debts and your number of dependents are all factors they might also take into consideration.  

If you're looking for a high Loan To Value (LTV) expat mortgage, borrowing at 85% of the purchase price of a property is pretty much the ceiling that can be achieved for most expatriate clients.  

For both a residential or a buy to let mortgage in the UK, most lenders will require a 25% deposit. 

It is possible, however, if your circumstances are right, to find expat lenders who will accept a 10-20% deposit. If you can't afford to put down as much as 25%, you'll need to seek the advice and guidance of an experienced mortgage broker who has access to specialist lenders you won't find on the high street.

If you've been living abroad for some time and have not been able to maintain your UK credit profile, this doesn't mean you'll be excluded from borrowing. Many specialist lenders are willing and able to check your borrowing status by other means. 

A good UK credit footprint will certainly make the application process easier, and possibly give you access to better rates and terms, but if you can satisfy the following application criteria you'll probably be ok.

1. 3 months of healthy bank statements – showing you’re not spending more than you’re earning (and no overdraft facility)

2. Up to date utility and mobile phone bills which have been paid on time, even if they are registered to your address abroad

3. Any Credit card loan statements (even if not UK based) paid on time

4. Disclosure of any personal loans, car finance etc with 3 months of statements - and proof that repayments have been made on time

Although you’ll ultimately need to speak to an expat lender for your application, finding them and deciding which lender is right for you is incredibly difficult by yourself.

The major stumbling block for most expats is that you aren't able to find expat mortgage products on comparison sites. They are too niche to be broadly compared in the way that standard mortgages are based on interest rates, terms and fees.

To compare expat finance effectively by yourself, you’d need to approach each lender individually and go into detail about your circumstances and objectives each time – it would be a slow, arduous, and largely ineffective process in comparison to using a broker.

At Clifton Private Finance, our Expat Mortgage Brokers are securing loans for expats on a day-to-day basis. They know the best rates going on the market at any point and know the specialities of every lender – from complex applications to quick turnarounds and everything in between.

We are expat mortgage experts, and our advisers are confident with the complexities of the expat mortgage market. 

We can help you:

• Understand what kind of expat mortgage you're eligible for and how much you can borrow.

• Feel comfortable with how the process works and what the costs will be.

On your behalf, we will:

• Compare rates across the entire market (from private lenders to high street banks)

• Negotiate the best deal for your circumstances

• Guide you through the application process

• Help you arrange your valuation(s)

• Liaise with your solicitor to sort the paperwork

• Chase through your application your new home is secured