x Abu Dhabi, UAESaturday 22 July 2017

Non-resident UK citizen can obtain a mortgage

On your side: It is certainly possible to obtain a mortgage while a resident in the UAE, subject to certain conditions.

I moved to Abu Dhabi some six months ago and now that I am receiving a regular income I would like to consider buying a property back in England. I spoke to my UK bank and they said they could not assist with a mortgage, so before I go any further can you tell me if it is possible for a non-resident Brit to get a mortgage to buy a property that they would rent out while they are abroad. BK, Abu Dhabi

It is certainly possible to obtain a mortgage while you are resident in the UAE, subject to certain conditions. You will generally require a deposit of at least 25 per cent of the purchase price, although I understand that this can be slightly less in the case of some new builds in specified areas. Your occupation and your employer are relevant as the lender will be looking for stability and you are likely to have more options if you work for a large or multinational company. As the property is to be let, the anticipated rental yield is also taken into consideration, as is whether you own any other properties. Many UK lenders will not accept applications from non-residents, but my contacts assure me that there are plenty who will.

 

Keren Bobker is an independent financial adviser with Holborn Assets in Dubai. Contact her at keren@holbornassets.com