Expatriate mortgages are specialist mortgages available for UK citizens who are living and working abroad. If you own a UK property and are working abroad you can apply for a residential mortgage, even if this property is to be let for a few years until you return.
Global Flexibility Does Not Equal Financial Flexibility
In the modern world of fast communication and easy travel it may not seem entirely relevant where a borrower officially resides. Many workers commute great distances across country boundaries on a monthly basis. However, in the world of finance for matters such as tax and home buying the details of whether a person is a UK resident working in the UK or an expatriate makes all the difference in the world.
Risk is a global feature and while personal working and living flexibility has risen in modern times risk has also increased. Lenders are risk averse so although it is possible to find lenders who will take on the risk to extend a mortgage offer it will always be at a price.
Expatriate Mortgage Brokers
An expatriate may want to borrow against the UK home that they already own but the re-mortgage that they will require will be defined as an expatriate mortgage.
The flexibility to live wherever you want to and work wherever you need to does not extend to easy mortgage options. A mortgage deal will be on offer but the expatriate may need to use an experienced mortgage broker to find the most suitable deal for them.
Although the Expatriate mortgage market is not seen on the high street it is still a valuable market to lenders and with the ever increasing number of UK citizens who are tempted to move abroad for work and lifestyle it is one that may well grow.
While working abroad it makes obvious sense that an expatriate may wish to buy a home in the UK for their eventual retirement and return and to be closer to their family and situations such as this will ensure that Expatriate mortgages will continue to be serviced.