We answer the question ‘Can I Get A Mortgage If I Am A Foreign Investor?
Can I Get A Mortgage If I Am A Foreign Investor? As a foreign investor, you will most likely struggle to get a mortgage from the traditional high street lenders. Therefore, you will have to rely on private lenders. Luckily, there is an increasingly number of private lenders who specialise and are willing to provide mortgages to foreign investors. Private lenders have no restrictions which means that their mortgage products are open to both UK nationals living abroad and foreign investors looking to buy property in the UK. They normally look at individual borrowers on a case-by-case basis, which is ideal for foreigners. The individual approach can also be an advantage for those with complex incomes that UK high street lenders may struggle to deal with. For example: income in a foreign currency and not pounds.
Types of mortgages for non-UK citizens
Off shore mortgages which can be used by those who wish to buy a property as an investment. A deposit of as little as 15% can be used but 25% is more common.
Residential currency mortgage which is good for people whose salary is not paid in UK currency. It allows you to borrow in the currency you are paid in. This is good because you can avoid costly current exchanges.
Foreign national mortgages is available to EU nationals, who have lived and worked in the UK for at least 6 months. The necessary requirements are having been a resident in the EU for the past 3 years and a UK bank account. Also, a permanent job in the UK.
How much can you borrow as a non-UK resident?
The amount you can borrow depends on your circumstances but generally you can borrow much more with a private lender. Private lenders will be happy to look at your wider income (such as investment) not just your salary. This means you can usually access higher borrowings with a private lender.
We hope this answers your question ‘Can I Get A Mortgage If I Am A Foreign Investor?’. If you are looking to buy a property in Central London, please visit Greater London Properties, Central London’s largest independent estate agent or call us on 0207 113 1066.