ExPat Mortgages

[haveago]

Can someone please recommend where to get a mortgage in the U.K. Not having much luck! British EK pilot looking to buy in England. Thanks

[springbok449]

Have sent you a PM...

[haveago]

Thank you!! Appreciate it!

[supatiger]

Hi Springbok

Can you send me the info too?

Regards
Supa

[skytrax]

Also interested if someone can send a pm I'd appreciate. Thanks!

[springbok449]

PMs sent...

[really not]

Looking to buy in Scotland, anyone any ideas?

[Emma Royds]

Have a look at ex-pat mortgages in Hong Kong or Singapore, as deposits will generally be lower. Spoken to a few in EK who have done this when buying back in the UK as an ex-pat and it seems to be more competitive than getting a mortgage done in the UK.

[Fear_of_heights]

Any expat mortgage other than UK? Southern Europe particularly

[neilb767]

would appreciate any info on Uk expat mortgage also.. pls pm.

[Flingwing47]

For Aussies buying homes in Australia, big banks like Westpac in Singapore used to loan up to 70% of purchase priced/refinance in the currency of your choice with that country's interest rate.
I.e. Using USD, the interest rate was 2.2%
:)

[Avenger]

The new rules from the " council for mortgage lenders" meant that from 21st March it is not possible to get a UK mortgage if your salary is not paid in UK pounds. This has even impacted the euro earning guys. Some lenders are taking applications but they tend to be a road to nowhere..

[johnjonesnine]

The new rules from the " council for mortgage lenders" meant that from 21st March it is not possible to get a UK mortgage if your salary is not paid in UK pounds. This has even impacted the euro earning guys. Some lenders are taking applications but they tend to be a road to nowhere..

I have come across this too. It seems that a new EU Directive - the Mortgage Credit Directive - imposes administrative burdens on lenders where they give mortgages to persons who have a salary in a different currency to the currency of the mortgage. As a result many lenders have simply decided to forego that business. I am looking for a solution myself, but have not found it yet.

[thegypsy]

Avenger

I got a mortgage in Singapore Dollars from Lloyds in Singapore to buy a flat in London in Pounds for my son and daughter. My salary was in Singapore Dollars so no problem.

Surely the answer is to get the mortgage in the currency your salary is in based on the exchange rate at the time. I left Singapore whilst mortgage was running but paid it off a few years later but the exchange rate at the time was in my favour but it could have been to my detriment if I had left it a year or so later.

[Emma Royds]

As I said earlier, if you are looking to buy in the UK then have a look at mortgages outside of the UK that are specifically designed for UK expats buying back in the UK.

Not trying to sell anything but only passing on an idea, after being told about it by colleagues who have been thorough the process already. I was told that deposits can be noticeably more competitive than going through lenders in the UK.

[Nedul]

Any recent advice/contacts appreciated. Dubai based Brit looking for UK residential mortgage.

[Odins Raven]

Any recent advice/contacts appreciated. Dubai based Brit looking for UK residential mortgage.

I had a bank account with HSBC both in U.K. and UAE and needed to buy a house back home. I upgraded my accounts from Advance to Premier in order to take advantage of the very good mortgage rates offered to expats with a Premier account (minimum deposit / LTV 25%). Expat mortgages are not available unless the UAE account is a Premier one.

However, all that was unnecessary as once I applied online through HSBC UK I found out that having a UK bank account meant that I actually didn't need an expat Premier account to get a UK mortgage, and the max LTV was actually 90% (although I still put 25% deposit in). The rate with the Premier status was a very good tracker at 1.69 above base (if you're planning to pay off quickly and don't need a long-term fixed rate). No other banks could match that at the time.

Worked for me, but I guess it depends on who you already bank with in the UK. I think you need to have 60k held in some form with the HSBC UK to be eligible for Premier status though, so might be worth transferring your savings into your UK account if the exchange rates suits. This also means that your UAE HSBC account automatically becomes Premier (global system) which would normally require a lot more money held here in UAE - a great advantage as the perks of a Premier account in the UAE can be fantastic. At one time you could use your Premier credit card for a free helicopter flight from the Atlantis hotel to the airport! Not sure if that deal still stands but it's a fancy perk to try at least once if you get the chance!

[Odins Raven]

PS also be aware that after Brexit the UK government is likely to come hunting for a bigger contribution from expats living tax-free. It's inevitable - the money isn't there to pay for the social reforms.

With that in mind be careful how many ties to the UK you might be creating as it may invalidate your future non-resident status. Especially if the family decide to move home. I think as it stands now someone in that situation would only be allowed about 23 days in the UK per year before being classed as residential - and a layover would be interpreted as 2 of those days.

Food for thought. Challenging times ahead.

[Nedul]

PS also be aware that after Brexit the UK government is likely to come hunting for a bigger contribution from expats living tax-free. It's inevitable - the money isn't there to pay for the social reforms.

With that in mind be careful how many ties to the UK you might be creating as it may invalidate your future non-resident status. Especially if the family decide to move home. I think as it stands now someone in that situation would only be allowed about 23 days in the UK per year before being classed as residential - and a layover would be interpreted as 2 of those days.

Food for thought. Challenging times ahead.
Many thanks for your input. Will investigate further.

[Craggenmore]

PS also be aware that after Brexit the UK government is likely to come hunting for a bigger contribution from expats living tax-free. It's inevitable - the money isn't there to pay for the social reforms.


I hope they chase Apple, Google and Amazon first..!!!!!!

[springbok449]

Ned,

Look up liquid expat mortgages...

Cragg,

Couldn't agree more...

[wizard1]

With regards to residency and ties. 23 days is wrong. Google the SRT
Statuary Residency Test
Case 1
Less than 40 days - non resident
Case 2 More than 180 days - resident
Case 3 In between. Allowable days dependent on ties.
Family tie
Accommodation tie
Employment tie
More than 90 days in the previous year - 90 day tie
Total number of ties determine how many days you can spend in the UK before being considered a tax resident. Be careful on the definition of a day.
Be particularly careful WRT capital gains tax. Non res. no capital gains on off shore assets.
UK res. Capital gains applied to worldwide assets.
Also look in to Split Year Tax rules. If you sell up before you repatriate you may be considered non res before the date you repatriate.
It's all there in black and white on HMRC web site. A big step forward from a rather arbitrary decision by HMRC on the concept of domicile.
But if your thinking of going home the capital gains tax is the big one. Don't get that wrong.

[formerlywazza]

I think to qualify for HSBC Premier in UAE you now only need a salary of 50k plus, including housing allowance. That then qualifies you for Premier status in the U.K. Better value than investing your money in their savings.

[Keith Discovering]

Any recommendations for obtaining a mortgage for property in Europe please :)
PM or post

[NDBDME]

EXPAT MORTGAGES; FOR NON-UK RESIDENTS & FOREIGN NATIONALS (http://www.internationalmortgages.org/expat-mortgages.html)

Kevin Sewell....Just did mine....knows his stuff...I don't usually recommend one, but this chaps good. Will even come to the hotel when you Layover in the UK...just took the stress out of all the S&*t that the lenders want...

[Odins Raven]

With regards to residency and ties. 23 days is wrong. Google the SRT
Statuary Residency Test
Case 1
Less than 40 days - non resident
Case 2 More than 180 days - resident
Case 3 In between. Allowable days dependent on ties.
Family tie
Accommodation tie
Employment tie
More than 90 days in the previous year - 90 day tie
Total number of ties determine how many days you can spend in the UK before being considered a tax resident. Be careful on the definition of a day.
Be particularly careful WRT capital gains tax. Non res. no capital gains on off shore assets.
UK res. Capital gains applied to worldwide assets.
Also look in to Split Year Tax rules. If you sell up before you repatriate you may be considered non res before the date you repatriate.
It's all there in black and white on HMRC web site. A big step forward from a rather arbitrary decision by HMRC on the concept of domicile.
But if your thinking of going home the capital gains tax is the big one. Don't get that wrong.

Not sure where I got the 23 days from then. It was well over two years ago, so maybe I was working out how many UK layover would constitute the 40 days.

Good to know that the HSBC UAE have lowered their Premier eligibility requirements.

[serf]

[QUOTE=
Good to know that the HSBC UAE have lowered their Premier eligibility requirements.[/QUOTE]

I believe the 50k AED/month is for the first year, after that you need a minimum balance of 350k AED in the account to maintain Premier status...likewise in UK you need to maintain a balance of £50K.

[Monarch Man]

There are all sorts of ways around the residence tests, HMRC are actually in my experience rather pragmatic about the whole thing, that's not to say they can't be a pain in the arse either.
I know of several Skippers here at EK who through a good understanding of how the family ties element is put in place...automatically fall into the 180 day category, so it can and is being done.