Applying for UK residential mortgage whilst overseas
Nov 15th 2019, 3:06 am
#1
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Joined: Jan 2019
Posts: 24
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 👍🏻
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 👍🏻
Nov 15th 2019, 10:34 am
#2
Onwards and Upwards!
Joined: Sep 2010
Posts: 884
Re: Applying for UK residential mortgage whilst overseas
Here's a link from a related thread: Expat Mortgage Providers for UK property
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).
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).
Dec 3rd 2019, 11:12 am
#3
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Joined: Jan 2019
Posts: 24
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...
Dec 7th 2019, 11:14 am
#4
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Joined: Dec 2019
Location: Muscat
Posts: 1
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
Hope you have settled in well
Dec 7th 2019, 2:36 pm
#5
Concierge
Joined: May 2006
Location: ex ex-pat, in Taunton
Posts: 27,214
Re: Applying for UK residential mortgage whilst overseas
Jan 19th 2020, 12:20 pm
#6
Forum Regular
Joined: May 2013
Posts: 278
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...
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...
Jan 23rd 2020, 4:19 pm
#8
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Joined: Jan 2020
Posts: 1
Re: Applying for UK residential mortgage whilst overseas
It can be done , just need to contact a good broker who will guide you through.
