UK Expat Mortgages Focus

Can I renew my UK mortgage if I am an expat and live in Singapore? How do I get an expat remortgage if I live in Singapore How to find the best expat mortgage rates using a specialist online expat mortgage broker

Do you own a home in the UK which you have rented after you became an expat? If yes, at some point, your lender will ask you to renew the loan. It’s at this point many UK homeowners will discover their existing lender, for example Santander, Lloyds Bank, Halifax, do not offer expat mortgages and as result, they suddenly need an expat mortgage, as lenders can and do request the mortgage is repaid.

Expats starting out on the UK property owning journey will also face the same problem –  who do they approach for an expat mortgage, do they qualify for one, what is the process?

Most UK high street mortgage lenders cannot work with expats, so you will need a specialist UK bank or building society. If you are living and working abroad, your salary will be paid in another currency e.g. Singapore dollars, which typical UK mortgage providers cannot accepts within their systems. Also, as you will have a foreign address, the banks cannot easily carry out normal credit checks, an essential part of the process, for example.

Typically, expat mortgages are underwritten manually with each case being decided on its own merits. This is good news for expats, as it means you receive a truly personalised assessment of your situation.

As result, you need an expat mortgage or expat remortgage from a specialist lender who works in the expat more market. Don’t worry, as a specialist online expat mortgage broker, organisations such as Offshoreonline can help you arrange this.

Not all expat lenders work in all countries and in Singapore, some will insist on specific underwriting criteria. A broker will help you navigate this, as they will only suggest lenders who they know work in the country where you live.

Remortgage are straightforward and quick and costs will be lower, as you are not changing the ownership of the property. 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. Brokers such as ourselves 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, 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. Both of these options are easy to arrange.

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 in Singapore.

We can help whether you are salaried 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?Click here to contact us.