Best way to get the mortgage in the UK
 

Hi everyone. I am new to this site and still finding my way around. Hopefully I am in a right forum to ask this question.

I am working and living in the UAE now since over 2 years, I am in a need of buying a house back home but not sure how to find the mortgage being an expat. I was initially dealing with HSBC bank in the UK but their process and procedures are far complicated and time consuming.

Being an expat to get the mortgage in the UK, its a nightmare.

If anyone knows an easy way to get the mortgage? I will appreciate the advise/assistance.

Regards

Re: Best way to get the mortgage in the UK
 

Seek and yea shall find, many threads on this subject http://britishexpats.com/forum/searc...archid=8478095

Re: Best way to get the mortgage in the UK
 

Thanks mikewot for your answer but unfortunately there is no information on the link provided.

Below is the link from the page for your information:

http://britishexpats.com/forum/searc...archid=8478095

Re: Best way to get the mortgage in the UK
 

Search results can't be linked to, but you can do the search yourself and you'll get the same threads for info.

HTH.

Re: Best way to get the mortgage in the UK
 

Thanks guys. Think I will sit on Google for tonight, hopefully will pick up some information.

Re: Best way to get the mortgage in the UK
 

Search on this forum. The blue bar above the posts has a search button. Stick UAE, expat, mortgage in there and will give you lots of info.

Re: Best way to get the mortgage in the UK
 

I'll be the first to give a helpful post.

You have very limited options. Probably only one provider - Natwest International. Call them directly, or go via a broker and give them a 1% placement fee for filling out a few forms on your behalf.

Re: Best way to get the mortgage in the UK
 

Mortgages are available for expats but the options are limited. All underwriting has become much stricter and you will need a deposit of at least 25% and need to be borrowing GBP 100,000 or more. If you work for a known company even better.

I have a UK based mortgage broker who I have worked with for years and also a new in house person who is proving to be excellent so let me know if I can help. It's much easier to use a broker in these situations.

Re: Best way to get the mortgage in the UK
 

Having asked when I was in the UK recently the official line is that it is possible but very very difficult as you have no 'presence' in the UK or history for a lender to go off and therefore the rates you will be charged will be astronomical and therefore not worth it. The recommendation is to go joint in on a mortgage with somebody who is based in the UK already. So you use their location/history benefit and then you provide the actual funds, whilst of course being on the mortgage also yourself. After a year or 2, you then take off the person you used to secure the mortgage and you have it all to yourself. Also recommended to have a registered UK address like a bank account to start building a history as I presume, like me, you have been absence to the UK as a tax payer or contributor to society!

Re: Best way to get the mortgage in the UK
 

Hi. I've been looking into the same. The UK broker I spoke to (one of the better known online ones) said he knew of around 5 UK lenders who offer buy-to-let mortgages to expats. According to him, minimum deposit is 25% but you have more and better options if you can raise that to 33% or better still 40%. That's buy-to-let however, not borrowing for a second home etc.

Other posters on here have much better knowledge of the area than me, I do stress - the above is just my twopenn'orth picked up from being in the market myself. Good luck.