x Abu Dhabi, UAEWednesday 26 July 2017

UK expat will need financial clout to be given a mortgage

It is possible for an expat to arrange a mortgage in the UK, but new restrictions in the lending market there are making it harder for all prospective borrowers and not all lenders will assist non-residents.

I have been resident in the UAE for a few years and as I have saved up a deposit I would now like to buy a home for the future in the UK. I spoke to my bank but they said they couldn’t help as they do not lend to expats. I have a good income and want to borrow up to 80 per cent of the purchase price, but will I be able to arrange a mortgage if I don’t live in the UK? DM, Abu Dhabi

It is certainly possible for an expat to arrange a mortgage in the UK, but new restrictions in the lending market there are making it harder for all prospective borrowers and not all lenders will assist non-residents. As a rule of thumb you should have a deposit of 25 per cent and be looking to borrow upwards of £100,000 (Dh625,000) to be considered, although there are always a few exceptions. My contacts also say it is easier to assist if the expat works for a larger organisation or an international company so that their income track record can be verified.

Keren Bobker is an independent financial adviser with Holborn Assets in Dubai, with over 20 years experience. Contact her at keren@holbornassets.com. Follow her on Twitter at @FinancialUAE

The advice provided in our columns does not constitute legal advice and is provided for information only. Readers are encouraged to seek appropriate independent legal advice

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