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Expat Mortgages UK: Homeownership for Returning Expats

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Expat Mortgages UK – Securing a mortgage as an expat returning to the UK can be challenging, as many lenders require a recent UK address and credit history. However, there are options available for those who have lived abroad and are now seeking to purchase a property in the UK. We explore the process of obtaining a mortgage as a returning expat, addressing common questions and concerns about credit ratings, relocating, and lender requirements.

The challenges of expat mortgages UK

UK residents who move overseas for work or personal reasons often encounter obstacles when trying to secure a mortgage upon returning to the UK. These challenges may include:

  • Lack of a recent UK address: Many lenders require applicants to have a UK address within the past three years.
  • Incomplete or outdated UK credit history: As expats have been living abroad, they may lack a recent credit history in the UK, which lenders use to assess their creditworthiness.

Expat mortgage options: Lenders that cater to returning expats

Despite these challenges, there are lenders that cater to expats moving back to the UK, offering mortgages even without a recent UK address. These lenders may have more flexible criteria, focusing on factors such as:

  • Employment history and income
  • Savings and assets
  • Property value and location
  • How to get a mortgage when relocating to the UK
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To improve your chances of securing a mortgage as a returning expat, consider the following steps:

Re-establish your UK credit history

Open a UK bank account, register on the electoral roll, and obtain a UK credit card to start building your credit history.

Prepare comprehensive financial documentation

Ensure you have documentation to prove your income, employment, and assets, including overseas bank statements and tax returns.

Work with a specialist mortgage broker

A mortgage broker experienced in expat mortgages can help you navigate the process and connect you with suitable lenders.

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Save a larger deposit

A larger deposit may make you more attractive to lenders, as it reduces their risk.

Understanding mortgage residency requirements

If you’re moving back to the UK, familiarise yourself with mortgage residency requirements, as they’ll vary among lenders.

While some may require a minimum of two or three years of UK residency, others may be more flexible, considering returning expats with less time spent in the country.

It is crucial to research various lenders and consult a mortgage broker to find the right fit for your circumstances.

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Last Updated: January 15th, 2024

Phil Spencer

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