The Client:
The client is a UK national who lives and works in Angola. She is on a fixed term contract for 3 years and has a good income with no bad credit.
The Scenario:
The client was looking to purchase a second residential property in the UK for her Mother, who currently resides in Scotland. This can create multiple issues; one of which is that the client is in Angola and on a fixed term contract. It is also worth noting however, once the contract comes to an end, the client will remain employed with the same company back in the UK on a lower salary.
Another issue the client may face is looking for a second residential mortgage, the market for lenders who will lend on properties located in Scotland for an Expat is small and narrows our field of potential lenders and ensuring it works on affordability.
The Solution:
Being a whole-of-market Broker, we have the knowledge to know that some lenders will have more flexible affordability scoring for Expats than others. We managed to find a lender that was happy with the country of residence, but it’s always worth checking as some African countries are not. The lender accepted the second residential aspect and the fact it was in Scotland. We had to make sure the affordability would still work on the lower salary moving forward, which it did.
Discover our Expat Mortgage Broker services.
Summary:
Trying to purchase a second residential home as an expat can be difficult depending on the country you reside in, and fitting affordability calculations that expat lenders use. However, there are options. The country the property is being purchased in also comes into it.
Key things to consider for Expat Residential Mortgages when you’re an Expat and already own another property:
- Income and affordability
- Country of residence
- Country of purchase
- Will the lender even allow a second residential?
- Any changes to future income that might affect it
If you are an Expat or Foreign National and seeking some preliminary free mortgage advice, call our experienced Expat Mortgage Broker Team today on +44 1494 622 555. Alternatively please complete this short online form and one of our Advisors will call you right back.