Can I renew my UK mortgage if I am an expat and live abroad?
How do I get an expat remortgage if I live abroad?
Find the best expat mortgage rates using a specialist online expat mortgage broker
If you own a home in the UK which you have rented out because you have moved abroad and become an expat, at some point, if you have a fixed rate or discounted main home mortgage, the loan will need to be renewed.
You will need to tell your mortgage lender that you are now an expat living and working abroad and because it is very likely that you are earning your salary in another currency, i.e. not sterling, most UK high street mortgage lenders will no longer be able to help you with an expat remortgage.
As result, you need an expat mortgage or expat remortgage from a specialist lender. Don’t worry, as a specialist online expat mortgage broker, we can help you.
It is very straightforward and quick and the cost will be lower, as you are not buying or selling a house. You will probably still need a conveyancing lawyer, but their work will be limited to repaying your existing loan and putting your new mortgage in place. We link to an independent panel of conveyancing lawyers, all of whom can offer expat conveyancing.
My UK fixed rate mortgage has expired, how do I get an expat mortgage to replace it?
If, for example you had a fixed rate UK mortgage or a base rate tracker or discounted deal over a defined period, perhaps 2, 3 or 5 years, you will need to renew your mortgage when the deal expires.
If you do nothing, the lender will most likely move your loan onto their default standard variable rate – these interest rates are usually very high and not competitive, often at least 2% or 3% above normal expat mortgage rates, so it certainly makes sense to keep an eye on the interest rate you are paying on your expat mortgage and remortgage to get a better deal.
You can also consider repaying some of the capital at this point, or perhaps you want to renovate your home or buy another, in which case you may in fact want to borrow more or release equity from the house. We can show you how expat equity release works here.
What are the criteria for remortgaging, if I am an expat?
Almost everyone can remortgage their house and take out a new expat loan as an expat. The main exceptions will be if you are living in a war zone, in a sanctioned country or a country that has a very poor record for financial regulation.
We can help whether you are salaried or not, or self-employed, as several lenders will now base their lending decision for your expat remortgage solely on the rental income of your property.
Interested? Apply for an expat remortgage here