Mortgages for Non-UK Residents

Expat mortgages

As an expatriate, it can often be difficult to arrange a mortgage on a UK property whilst livingoverseas. Lenders often set tougher lending criteria for expats and communicating with amortgage broker and other parties from abroad can be difficult.

At kredi, we understand these difficulties and can help you every step of the way. From our relationships with specialist lenders, to our team of advisers who will be available to you when you need them, we can take the pressure from you and help you secure the funding you need whether it’s a residential property or a buy to let investment.

Why are expat mortgages generally harder to secure?

Those applying for expat mortgages may find it difficult to secure funding, even if they have a suitable deposit and are able to afford the repayments.This is because expatriates can often be considered ‘high risk’ by most high street lenders as pursuing debt overseas is undeniably harder than in the UK. Many high street lenders have reduced or completely stopped offering mortgages to those living outside of the UK.

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Making it easier to secure a mortgage from abroad

If you are considering buying a UK residential or buy to let property from abroad our team of expert mortgage advisers can help. By working closely with our specialist lenders, we can help you secure a mortgage on your desired property and handle everything on your behalf whilst you are still abroad. Just give us a call on 0207 112 8896 or get in touch here and we will get you on your way to moving into your new home.

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Part of the Government’s commitment to providing affordable housing has seen the introduction of these discount schemes operated by new build developers. They offer new homes for key workers, with a reduction in the market value, to help those buyers that can afford the mortgage repayments but are struggling to save a big enough deposit due to the value of the property. 

At kredi we work with a wide range of new build developers giving their customers independent advice about the mortgage options available to them. As such we have helped many buyers take advantage of these schemes. How it works Planning policy changes made by the government allow property development companies under the scheme to build new homes without paying some local authority fees, saving them money on the cost of development which they then, in turn, pass on to potential homeowners. This enables them to offer a discount on the market value between 20% and 50%. The properties are exactly the same as the rest of the new build properties on the development, with no compromise on quality or energy efficiency. Applicants apply through their housing providers and are assessed individually on their suitability to qualify for the discount. 

Check your eligibility 

There are no set requirements to be able to secure a property under these schemes and every application is assessed on its own merits, however as a general rule priority is given to those who are:

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• first-time buyers

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• currently unable to afford a home on the open market 

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• working in key sectors, such as Doctors, Nurses, Police Officers and Teachers 

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• living in the immediate local area of the property 

Things to consider

There are a couple of important things to be aware of when considering purchasing a property under one of these schemes: 

• You cannot profit from the original discount upon the sale of your property – when selling, you must do so at the same level of discount you purchased the property at 

• There are only a limited number of properties available, you may therefore have to wait if others are deemed to be more eligible than yourself 

• You will be required to purchase the whole property. Making it easier to buy your home If you are struggling to raise the funds you need to buy your own home and work in a key sector then purchasing a new build property under this scheme may be an option. 

To find out if you would be eligible and how it would work get in touch with our friendly team of independent mortgage advisers on 0207 112 8896 or fill out the contact form and we will call you back within 24 hours.

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Many parents and grandparents want to give their child a leg-up onto the property ladder and are in a position to do so. And, with family members willing to take on some of the risk of lending to a first-time buyer, some mortgage lenders are prepared to lend more and at a better interest rate.

With an increasing number of guarantor mortgages available on the market, kredi can work with you to find the most suitable product for you and your family. 

How does a guarantor mortgage work?

Much like a standard guarantor commitment, a family member signs up to guarantee that any debt is paid in full. Quite simply, if you miss a mortgage payment then your parent or grandparent, as the guarantor, must pay it on your behalf.

Typically, your family member would offer their own home as collateral on your mortgage and to be able to do this they will need to have a reasonable amount of equity in their property – 25% is a standard minimum requirement. The lender will then take a charge on their property as security to back the guarantee.

Your guarantor can be removed from the mortgage later, usually, once the loan-to-value ratio has reached an agreed level and it has been established that you are comfortable covering the full cost of the repayment yourself.

How does a family offset mortgage work?

Another option for young buyers and their families is a family offset mortgage. It works whereby your parents or family members put their savings into an account linked to your mortgage which effectively serves as a deposit on the property you want to buy.

This option also lowers interest charges as the saving balance is deducted from the value of the loan. Whilst it is locked up for an extended period of time, the benefit to your parents or other family member is that they don’t have to physically pay their savings to the mortgage company.

Making it easier to get help as a first-time buyer

Whether you are a buyer or a parent looking to help your son or daughter purchase their first home, give our friendly team of experts a call on 0207 112 8896 to discuss your options regarding a guarantor mortgage.

Whether you are a buyer or a parent looking to help your son or daughter purchase their first home, why not give our friendly team of experts a call on 0207 112 8896 to discuss your options regarding a guarantor mortgage and we will get back to you within 24 hours. Alternatively, please feel free to fill out a contact form if you prefer.

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If you work for yourself either in a self-employed capacity or as an employed contractor your income levels can fluctuate throughout the year which means that it can be more difficult to get a mortgage application approved.

At kredi, we have years of experience of arranging mortgages for those with flexible income patterns and the self-employed and can source lenders that are willing to provide finance and, depending on your circumstances, arrange a mortgage for you.

Evidence of income and affordability

In theory, self-employed or contract workers have access to exactly the same range of mortgage products as other borrowers.

The difference is that it is more difficult to prove you have the income necessary to make the repayments on the loan for which you are applying on a consistent basis. This is why many lenders are unable to look favourably on these types of applicants.

At kredi, however, we have a range of lenders that are willing to provide finance and, depending on your circumstances, we can source a mortgage for you.

Whilst specific lenders requirements will vary, generally, if you are self-employed or working as a contractor whether on a self-employed or employed basis you will need to have:

• A minimum of two years’ accounts (although some lenders will accept only one year’s) For those on zero hours contracts, you will typically need to show evidence of income from payslips and P60 over a two to three year period.

• A track record of regular work within your sector (not necessarily on a contractor basis)

• A considerable deposit.

• A good credit history.

Let us make your life easier

If you’re not sure whether you would be eligible for a mortgage because you are self-employed or have variable levels of income as a contractor, get in touch with the team at kredi for some friendly advice. Simply call us on 0207 112 8896 or fill out a contact form and we will respond to your enquiry within 24 hours.

More information

It is important to our team that we provide as much help as possible to our clients; after all, we are the experts. So we want to share our knowledge to ensure you understand, as much as possible, how we are helping you to find the best mortgage solution.

To help increase your knowledge and understanding why not arrange an appointment with kredi.

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As a young professional embarking on your chosen career after years of study or training, the prospect of purchasing your first home can often seem a daunting one.

High property values and the large deposits required to secure a mortgage mean it can be difficult for those just starting out in their profession to secure a mortgage. High rental values in major cities also mean that it can be difficult to save for a future deposit.

At kredi, we work with a number of specialist lenders that look favourably on young professionals and can help you secure the funding you need to purchase your first home.

How do mortgages for young professionals work?

Professional mortgages are designed for individuals who are in training or have just started a career in roles with future high earning potential. A specialist lender will take your earning potential into account when considering your application to improve your chances of securing a mortgage. Some common occupations that lenders will take into consideration

are:

• Accountants

• Barristers

• Dentists

• Engineers

• Medical Doctors

• Solicitors

Even if you are not in one of these professions, you may still be accepted if you’ve just started a career with a future high earning potential. Speak to one of our specialist advisers who will be able to assess your eligibility.

Don’t worry if you’re not eligible as there are a range of other options for first-time buyers available.

Things to consider

Applying for a mortgage is a big decision and if you have just started your career, here are a few things to consider before you proceed:

• Being accepted for a mortgage on the basis of future earning potential means you’ll be taking on a loan you may not otherwise be accepted for – if you lose your job for any reason, you will still be expected to keep up with your repayments.

• As with many young people, you may not have built up a good credit score yet, this can mean you have to pay higher interest rates.

• It may still be possible to secure a mortgage for young professionals if you are self-employed, following an assessment of your earning potential by lenders.

Making it easier to secure a mortgage as you start on your career

If you’re a young professional at the start of your career, or about to graduate – we can help you secure a mortgage. Just give our team of specialist advisers a call on 0207 112 8896 or fill out our contact form and we will respond within 24 hours to help start you on your journey to owning your first home.

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In recent years, getting a mortgage has become more and more difficult not only due to increased house prices but also the tighter criteria imposed by lenders following the mortgage market review.

No matter what size of deposit you have, or the nature of the property you wish to buy, if you have a poor credit rating it can often feel very disheartening when trying to obtain a mortgage, with a limited number of lenders willing to consider your application.

Having a mortgage application rejected will worsen your overall credit score. Therefore, if you feel you may struggle to obtain a mortgage due to issues with your credit history, you should seek advice from a mortgage broker before making an application.

At kredi we treat every client as an individual and aim to make it easier for those with adverse credit to secure a mortgage, whether you’re a first-time buyer or a homeowner looking to remortgage or move to reduce your outgoings and address your financial position.

We have strong associations with lenders who are more understanding of adverse credit and we will start by being able to give you independent advice about your ability to get a mortgage so that you don’t worsen your position by applying to a lender and having your application rejected.

What causes adverse credit?

There are a number of factors that contribute to your credit score, some of the most common reasons people have poor credit ratings include:

• Missing a loan, credit card or mortgage payment

• Having an ongoing loan with a payday loan provider

• Being declared bankrupt or entering into an individual voluntary arrangement (IVA)

It’s also worth noting that if you have never taken out credit for anything, you may well find yourself being rejected for certain finance items – because you haven’t yet built up a record of credit.

How do I know if I have adverse credit?

There are a number of tools online that can be used to measure your credit score. The ones frequently used by lenders that you can check yourself are Experian, Equifax, and TransUnion. It is important to note that by using one of the credit checking tools above you will leave a “footprint” on your credit report in the form of an inquiry. This will however not negatively affect your credit score. Further information about this can be located on our FAQs.

Making it easier to find a lender who will accept your application

If you have adverse credit and are struggling to secure a mortgage, we can help. To find out more about how we can get you a mortgage, or any of the other services we offer for those looking to secure a mortgage on a property, just give us a call on 0207 112 8896 or fill out a contact form and we will get back to you within 24 hours.

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Discount Off Market Value 

Discount Off Market Value