A Guide on How to get a UK Mortgage as an International Client

Securing a mortgage for a property in the UK from abroad can be tough without the right partner to guide you. There are a lot more hoops to jump through for non-UK residents.

Here we take a look at how to get a UK mortgage from abroad.

Can I get a mortgage in the UK if I live overseas?

Yes! However, this depends on your personal circumstances.

Financing from a UK lender, is the most common method if you lived in the UK, is not so simple for an international buyer.

The checks that UK banks use to guage your eligibility are usually not set up to accommodate those looking for an international UK mortgage.

Therefore, to cater to international buyers, some lenders and international banks specialise in international UK mortgages. The process is also much more straightforward for the investor. 

What type of mortgage options do I have?

For residential properties, the two most common mortgages available to international buyers are Buy-To-Let and Residential mortgages.  

Buy-to-let

Buy-to-let mortgages are for those looking at property as an investment.

Simply put, it allows you to take advantage of the current rental market and sell later down the line if prices continue to go up. It also gives you the option to have a place to live should you move to the UK at a later date.

Unlike a Residential mortgage, Buy-to-Let allows the rental payments of the property to pay for the mortgage cost. The balance will earn you an additional income.

Buy-to-Let mortgages require a higher deposit than a regular mortgage. The deposit depends on the lender and can range from 25% – 35%, or even higher in some cases.

Residential mortgages

These are your regular mortgages if you are looking to buy a house to live in.

Residential mortgages are regulated by the Financial Conduct Authority (FCA) which can be tough for international buyers .The options are more limited as not every lender will offer this to international buyers.

However, international buyers can still secure a residential mortgage. Working with an experienced and specialized professional who has a wide network of lenders will help you get you the best product.

Lastly

Speaking with an experienced mortgage advisor ensures you can get the best deal for your circumstances and makes the process a lot smoother. 

At One UK Properties, our agents will put you in touch with our Mortgage partners. With their knowledge and lender connections you are sure to get impartial advice and secure a suitable mortgage.