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.
Who should consider a Capped Rate Mortgage
This is an easy one because the Expatriate mortgage is only open to UK citizens living or working abroad. That shouldn’t worry average UK residents who don’t reside or work abroad too much as they are likely to be able to find more competitive mortgages in the market.
These mortgages are offered for properties in the UK NOT properties that are located abroad. UK nationals who want to arrange a mortgage for a property in a foreign country will need to pursue an International Mortgage.
For UK citizens living abroad who think that they may want to return in the future and would like to buy a property now as they anticipate property price rises over the next few years then the Expatriate mortgage offers them the chance to do so.
There are also those investors who live abroad and plan to buy a UK property with the aim of letting it out as a ‘nest egg’. They too will need an Expatriate mortgage with the further complication of it being on a buy-to-let basis.
Any mortgage decision is an important decision and Expatriate mortgages are no different. The complexity of arranging a mortgage in the UK when you are not living or working here will add to the decision process and shouldn’t be underestimated.
The borrowers in the market for an Expatriate mortgage will know who they are because once they have approached a high street lender they will have realised that most mortgage options are not open to them. With most lenders not wishing to complicate their business or stray into what they see as a riskier market place the UK citizen who lives or works abroad and who wants to purchase in the UK will soon find themselves directed towards the specialist lenders.