Q I want to get a residential mortgage and have a deposit of about £75,000. I am self-employed, a UK resident and earn – and pay tax on – all of my earnings in the UK.
However, I am currently in Asia and am mostly paid by US-based organisations. Because of this, I have been told by one mortgage adviser that I won’t be able to get a mortgage. Is there any hope for me?
JB
A Yes, there is hope for you, despite the quality of advice you got from the mortgage adviser you spoke to. Contrary to what they told you, it is perfectly possible for you to get a mortgage while working abroad. You just need to use a mortgage adviser who is familiar with what are called expat mortgages. These are mortgages for UK nationals who, like you, are working abroad but want to buy property in the UK, whether it’s on a residential or buy-to-let basis.
“UK expats do find it harder to get a mortgage than Britons on the mainland,” says Pete Mugleston of onlinemortgageadvisor.co.uk. “Harder, yes, but not impossible, especially when you use a specialist expat broker” who knows which lenders are likely to lend to you and which will do so on the best terms for your personal circumstances.
A specialist should be able to help with “interest-only mortgages, financing for the self-employed, buy to let, unusually constructed properties and unusual mortgage terms”, he adds.
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