British Expats - Applying for UK residential mortgage whilst overseas

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DVN999

Nov 15th 2019 3:06 am

Applying for UK residential mortgage whilst overseas

Morning all,

We’ve settled nicely into life in Muscat and now taking a moment to look to the future..

Our plan is to stay for 2-3 years, then head back to UK. We currently own a home, which we intend to sell, once the fix rate runs out, but would like to purchase a new place, ready for when we move back, in a different part of the country.

My question is this: can I apply for a residential mortgage in the UK, based on my salary out here? I do also have a UK income (armed forces pension) but it’s nothing to write home about...

We would plan to buy somewhere around 6 months before returning to UK, and would be our own and primary residence.

Thanks in advance for any advice 👍🏻

Johnnyboy11

Nov 15th 2019 10:34 am

Re: Applying for UK residential mortgage whilst overseas

Here's a link from a related thread: https://britishexpats.com/forum/midd...operty-920567/

Worth reading up on the tax implications of your plans. You'll be liable for Capital Gains Tax on any gain whilst your overseas. And there's Additional Stamp Duty (3%) on second homes (4% in The People's Republic of Scotland).

DVN999

Dec 3rd 2019 11:12 am

Re: Applying for UK residential mortgage whilst overseas

Thanks for that - I meant to say that this will be our only home and not a buy to let...

v2837v

Dec 7th 2019 11:14 am

Re: Applying for UK residential mortgage whilst overseas

I'm in the same situation as you. Moved to Muscat earlier this summer and my fixed mortgage comes up for renewal in a year or so. From what I have found out is that you can get a remortgage based on non-UK income but not many providers will help. To help your case, you need to have more equity in the property (25% plus should help but 40% will make it very easy) and you need a good mortgage broker.

Hope you have settled in well

mikelincs

Dec 7th 2019 2:36 pm

Re: Applying for UK residential mortgage whilst overseas

Quote:

Originally Posted by DVN999 (Post 12773126)

Thanks for that - I meant to say that this will be our only home and not a buy to let...

As you will not be living in it, I suspect it will be classed as a second home, even if the one you are currently in is a rental.

FriendlyExpat

Jan 19th 2020 12:20 pm

Re: Applying for UK residential mortgage whilst overseas

Yes, it can be done but will be more expensive (if you declare your intention to be non-resident). If you "forget" to mention your intentions this would be cheaper but is strictly speaking mortgage fraud so don't do this ;-)

Note that you are probably still UK resident until April 5, even though you have already left, so strictly speaking, you are still eligible for UK-resident-only mortgages...

Cypselos

Jan 23rd 2020 1:55 pm

Re: Applying for UK residential mortgage whilst overseas

Quote:

Originally Posted by DVN999 (Post 12764126)

Our plan is to stay for 2-3 years,

Hark, it's the mating cry of the fresh expat.

waywise

Jan 23rd 2020 4:19 pm

Re: Applying for UK residential mortgage whilst overseas

It can be done , just need to contact a good broker who will guide you through.

DVN999

Jan 26th 2020 8:44 am

Re: Applying for UK residential mortgage whilst overseas

Quote:

Originally Posted by Cypselos (Post 12794566)

Hark, it's the mating cry of the fresh expat.

hahahaha!

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