Refinance for Expats – Your Complete Guide to Remortgaging as a UK Expat or Foreign National
What does it mean to refinance or remortgage? Change your mortgage to get a better rate, more money, or a different mortgage. By remortgaging, expats and foreign nationals can save money, change either their financial situation, or their strategy. After their fixed rate ends, expats can refinance, sell, change the mortgage to a buy-to-let perhaps, or consolidate debts in different currencies. Expatriates need help with remortgaging because they have to deal with expat rules, lender policies, and international issues.
Who Can Get an Expat Remortgage?
- British expats who live and work abroad can get the best deals on expat remortgages, no matter where they live around the world.
- Even if they don’t have UK citizenship or a long-term relationship, foreign nationals from other countries can own or remortgage property in the UK.
- People who are self-employed, work as contractors, or run their own businesses.
- Expats who rent out property in the UK and get paid in foreign currency.
- You can apply with or without UK credit, even if you’ve been living abroad for years.
- Our refinancing service for expats and foreigners gives you options that banks might not.
Reasons Why Expats Often Remortgage
People from other countries refinance their mortgage for many different reasons, including:
- To get better rates: Switching arrangements lowers both your mortgage and your monthly payments.
- Switch between buy-to-let and residential: If you’re moving abroad, renting out your UK home, or coming back for personal reasons, you should change your mortgage.
- Release equity: Get money for more purchases, home improvements, or investments.
- Refinance Help to Buy or contracts with fixed rates that are about to end: Make your deal better before prices go up or your contract ends.
- Debt consolidation: Use the equity in your home to make your debts easier to pay off, even if they are in different currencies.
Important Things to Know About British Expat Remortgages
Expert lenders and brokers know what the key requirements are for expat remortgages:
- The type of property, where it is, and how much it is worth in the UK are all important details.
- Lenders may look at your country of residence, visa status, and history of living there.
- Lenders will look at your salary, rental income, bonuses, and money you make in any currency, whether it’s in the UK or not.
- Strong UK credit scores help, but expats who don’t have much or any UK credit activity still have options.
- The amount of your loan and the interest rate depend on how much equity or deposit you have.
- Lenders will look at where your money comes from and your tax returns, especially if you get paid or taxed in another country.
How We Help Expats with Unique Needs
A lot of expats have to deal with specific problems:
- We can show proof of income from overseas companies, contracts, and seasonal work.
Our expat mortgage brokers will help you collate key documents such as tax returns, business accounts, and other documentary evidence required. - Lenders can help UK property owners who have never lived or worked there before.
- We can find lenders who will accept offshore credit or other documents if you haven’t used UK accounts in a while.
- We know what paperwork is needed and which banks accept USD, AED, EUR, INR, and other currencies.
- We know how to deal with lenders with clients in overseas countries that aren’t on the usual list of approved locations, or that have special compliance needs.
- We help expats refinance one or more of their UK homes to make more money.
Step by Step UK Remortgage Process for Expats
Our process of refinancing for expats works as follows:
- Talk to an expat remortgage expert: about your goals, your property, and your personal circumstances.
- Look over our mortgage and goals: We’ll look over your deal and your goals.
- Collecting documents: We’ll advise on what documents you need to collate such as your ID, proof of income (from the UK or another country), proof of address, mortgage statements, and other papers.
- Finding the best rates for expat remortgages: As a whole-of-market expat mortgage broker, we’ll literally search across the whole market to find the best deal for you. We will even check with your existing lender to see what they might be able to offer you for a potential “Product Transfer” to get refinancing faster and simpler.
- Submitting the application: We will complete and submit your full application, making sure all the information is accurate so that there are no delays.
- Property valuation and lender underwriting: The lender will check your application and supporting documentation and undertake a valuation of the property.
- Formal mortgage offer: Once your application has been approved, you will get a formal “mortgage offer” which details all the new terms of the new deal.
- Conveyancing; Solicitors will then undertake all the necessary legal checks and then be in a position to schedule completion and the release of all funds etc.
We are very used to dealing with clients living overseas, so don’t worry, you won’t need to visit the UK at any point in order for us to complete the remortgage for you.
Working with a Specialist in Expat Remortgages
It’s very important to choose the right partner. Why you should work with Expat Mortgages UK:
- Access to ALL expat lenders in the UK.
- An experienced person takes care of your case – we pride ourselves on the personal touch!
- You can track the progress of your application from anywhere in the world via our innovative client portal – “WiiN”.
- Your best interests are taken care of at all times.
- Your dedicated Case Manager and Mortgage Advisor take care of everything from the initial discussion to completion, so you always know who to contact and they are available directly – no call centres, no voicemail!
Potential Remortgaging Fees
It’s important to consider all of the potential costs involved for an expat remortgage, which might include:
- Lender Product / Arrangement fees.
- Property valuation fees.
- Early Redemption Charges (ERCs) – likely to apply if you end your existing mortgage early whilst still in a fixed term.
- Legal fees – these can often be provided free of charge for remortgages.
- Mortgage Broker fees – for our mortgage advice and case management service to manage the application and liaise with all parties throughout.
- Currency exchange fees, if you earn your income in a foreign currency, or need to move funds between countries / currencies.
Rest assured however, our experienced Expat Mortgage Advisors at Expat Mortgages UK will always investigate and notify you of all costs upfront BEFORE you commence any application, to avoid any nasty surprises!
Expat Remortgage – Frequently Asked Questions
If I live outside the UK, can I remortgage?
Yes absolutely! British expats and foreigners can remortgage homes in the UK as long as they have the right mortgage broker and lender. The Office for National Statistics has an overview of the UK housing market that can help you learn more about the mortgage and property market in the UK.
What documentation is needed to get an expat remortgage?
Typical documentation includes ID (like a passport), proof of income (like payslips, contracts, and tax returns), proof of residence, property details, and mortgage statements. We will help you with whatever help is needed to secure your expatriate mortgages uk.
Do I need a bank account in the UK?
Not all lenders need this for payments, but it is certainly beneficial if you have one. We will talk you through the options.
Is it possible to remortgage a Help to Buy loan?
Yes. Many people refinance help–to–buy loans to pay off government loans or get better rates.
Can expats who make money in USD, AED, INR, and other currencies get a remortgage?
Yes, for sure. A lot of specialty lenders will take foreign income in a number of different currencies.
Is it harder for an expat who works for themselves to get a new mortgage?
Self-employed expats still have a lot of choices, but they need the right documentation and advice – always speak with a specialist mortgage broker / advisor to get the right information and whole-of-market options.
Do I need to go to the UK for the mortgage refinance process?
No. In the vast majority of instances, you can do the whole process remotely, especially when working with an experienced broker such as Expat Mortgages UK.
Why Choose Expat Mortgages UK for Your Remortgage?
We’re experts at refinancing for expats and foreign nationals and we can help with any situation.
- Our UK expat financing experts have been doing this very successfully for many years and we know what problems you might face in countries such as Australia, the US, UAE and India, or literally anywhere else around the world.
- Our expat refinancing services are not available anywhere else.
- We are open and transparent about our fees from the outset.
- We keep paperwork to a minimum and have very simple but effective systems in place to get things done quickly, so you don’t have to worry about anything.
- A professional expat mortgage brokerage regulated by the FCA, with your Case Manager helping you from start to finish.
Ready to Refinance? Start Your Journey Today
It’s easier than you think to find the right expat remortgage. Request a free, no obligation remortgage consultation today by phone, email, or online form.
We’re explore what you’re seeking to do, investigate your mortgage and suggest the best options across the whole the market. Get clear answers, professional advice, and peace of mind.
Expat Mortgage UK can help you with any refinancing goals you have as an expat or foreign national.