Although Expats and Foreign Nationals are different types of clients, the way in which lenders assess the risk is fairly similar. Out of the two, there are more mortgage options for Expats. Recently more lenders have entered the lending for these types of clients and we at Hawke have seen an increase in applications other the last 6 months, despite the Brexit saga.
In board terms the below requirements are needed:
Be able to be found on a UK credit search – either a previous mortgage, bank account, active credit linked to UK address
Many lenders like clients to own at least 1 UK property
Mortgage payment to be by Direct Debit, in Sterling from a UK bank
Countries on sanction lists not acceptable and each country reviewed case by case. The regular countries where we see applications from and acceptable are Hong Kong, Singapore and U.A.E.
Employment in a multi-national company is best place to be however even self employed expats can be considered. Some lenders have a minimum income.
Property type, the simpler the better i.e. if Expat and HMO/ Multi Unit then it adds layer of complexity. We can solve this but especially if 1st BTL then simple is best.
Limited Company lending for Expats – needs to be a UK company as an SPV with the above underwriting based on the Director.
Currently only a handful of lenders will consider pure Foreign National applications
Minimum requirement is a UK bank account
Many have a minimum loan size of £150k or above
Other points which help applications
Active credit in the UK
Income from employed company which can be found online by lenders
Similar to Expat criteria above the country of residence will be considered case by case
Usual property BTL reviewed i.e. property type, rental stress tests etc
Contact Us Today
Any questions on the above or your circumstances as a potential client of Hawke Financial Services please call the team on 0208 660 8613 or email Gary McKenna on email@example.com or John Green on firstname.lastname@example.org