Expat Mortgages for the UK: All You Need to Know

#163

One of the most frequently asked questions I get when listeners reach out is around expat mortgages. 

Do you need a broker? 

Does it matter where you live or who you work for? 

What kind of bank account do you need? 

Can you get a limited company mortgage, or should you buy in your personal name? 

What are the rules around portfolio landlords? Today, Simon Allen of Searchlight Finance answers all these questions and much much more.

This is a repackaged compilation of Episodes 15 & 16, first released in 2022.

During the episode we discuss:

- Expat Mortgage Application Process

- Different Types of Expats and Their Mortgage Qualification Criteria

- UK passport holders living abroad

- Foreign nationals with overseas passports

- Lenders Criteria for Expats and Complexity

- Countries of residence and work

- Credit history

- Types of properties for personal or limited company names

- Income Declaration to HMRC for Mortgage Approval

- Income within a limited company

- Requirement for taking a salary or providing a set of accounts

- Preparation for Remortgaging

- Timing and paperwork

- Lender selection process

- Overcoming Anti-money Laundering Regulations

- Working with specialized brokers and lenders

- Importance of a good credit file and experienced solicitors

- Importance of Speed in the Purchase Process

- Staying on top of the process with a solicitor

- Information Needed for Mortgage Decisions

- Decision in principle

- Requirements for new and existing clients

- Correspondence Address in the UK and Its Significance

- Dual representation in conveyancing

- Need for independent legal advice with limited company borrowing

- Proof of Funds and Source of Funds

- Proof of deposit

- Minimizing frequent financial transactions and emails

- Additional Fees for Expats and Foreign Nationals

- Minimum values for loans

- Differential treatment by lenders

- Considerations for Couples with Foreign National

- Role as a shareholder and not a director in a limited company

- Impact of Broker Experience and Focus

- Buy-to-let market expertise

- Documentation process knowledge

- Technology Challenges and Communication Issues

- Delays and difficulties with remote working

- Valuations for Complex Property Types

- HMOs and multi-units

- Varying criteria based on the lender

- Tax Treatment and Portfolio Growth for Expats

- Limited company mortgages' tax treatment and rates

- Challenges with portfolio growth and transitioning

- Considerations at the End of Fixed Terms

- Product transfers offered by some lenders

- Challenges of remortgaging for expats returning home

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