Mortgages for Non UK Residents
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Mortgages for Non UK Residents
Want to invest in the British property market? Looking for a mortgage as a non UK resident? If so, GPS Financial can help!
Whether you want to move to the UK, buy a second home or holiday home, or want to invest in property here, we’re the people to call.
We have extensive experience arranging mortgages for non UK citizens. We are here to help you every step of the way, from initial research to signing the mortgage contract.
Non UK Resident Mortgages
The UK property market is attractive to a far wider audience than locals. Non UK residents also invest heavily in property here because it is seen as a safe investment.
Finite supply keeps prices under control and property price inflation is usually steady and largely predictable.
If you’re thinking of investing in the UK property market, this overview of mortgages for non UK citizens should help.
Can non residents get a Mortgage in the UK?
Yes, non residents can get a mortgage in the UK. You’ll probably find it very difficult to get a mortgage from high street banks, but GPS Financial can help.
With our expert guidance, you should be able to finance a property purchase.
As long as you can pass standard affordability checks and have sufficient funds for the deposit, there’s no reason why you cannot buy a British property.
Can I buy a house in the UK if I live abroad?
Yes, you can buy a house in the UK if you live abroad as long as your home country is part of the ‘Financial Action Tax Force’.
Britain has no restrictions on the number of properties you can own or where they are located. If you can buy a house for cash, there are no limits to the number of properties you can buy.
If you need a non UK resident mortgage, have sufficient deposit and can prove you can afford the repayments, your options are endless.
Can I buy investment properties or buy to lets as a non resident?
Yes, you can buy investment properties or buy to lets as a non resident. There is no restriction on the type of residential property you can purchase whether you live in the UK or not.
The UK is an attractive market for property investment, partly because of its relative stability and partly because there are no restrictions on types and numbers of residential properties you can own.
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How much can a non UK resident borrow?
A non UK resident can borrow the same amounts as a UK resident. Everything depends on the size of your deposit and your affordability.
Lenders will typically want to assess your finances, employment or business history, debt level, savings, number of dependents and your outgoings.
These are the same checks UK citizens must pass and are designed to make sure you can afford the loan and it won’t cause you financial difficulties.
What are the main challenges of non resident Mortgages in the UK?
The main challenges of non resident mortgages in the UK are around paperwork and your home country.
If your home country is not part of the Financial Action Task Force, you won’t be able to apply for a mortgage in the UK.
The other main challenges are related to verifying your income and financial position in a way that satisfies British lending rules.
Unless you already have a credit profile in the UK, you’ll have no credit history and no credit score. This isn’t an insurmountable challenge but will require a little more proof to satisfy the lender.
Work with GPS Financial and we can help with most of that. It’s a challenge our team has vast experience handling!
How to get a Mortgage as a non UK resident
The easiest way to get a mortgage for a non UK citizen is to work with a specialist mortgage broker like GPS Financial.
We handle mortgages for expats and foreigners in the UK all the time and our advisers are well-versed in the complexities of the British market and the relevant rules around international finance.
We can help with the application, the paperwork, approval and everything related to mortgages for non UK residents.
Contact GPS Financial today for a free consultation to discuss mortgages for expats and foreign nationals. We are here to help!
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