If you’re a British national looking to get a UK expat mortgage from Dubai, there are options available for you.
Securing a mortgage on a UK property can be challenging for expats living and working outside the UK. Many high street lenders are unfamiliar with the processes associated with expat mortgages and may not work with expats.
However, there are specialist lenders who are willing to work with British expats in Dubai. It’s just a case of finding them and applying in the correct way – and that’s where we can help.
Key Takeaways:
- Securing a UK mortgage as a British expat living in Dubai can be challenging.
- But specialist lenders are available to work with British expats in Dubai.
- Understanding the challenges and navigating the process is crucial.
- Working with a specialist mortgage adviser can help you find the best options and rates.
Can I get a UK expat mortgage from Dubai?
Yes, it is possible to obtain a mortgage for buying property in the UK even if you’re living and working in Dubai.
However, it’s important to note that the lending options for expats may be more limited compared to residents of the UK.
When it comes to expat mortgages, there are specialist lenders who understand the unique circumstances of expats living abroad. These lenders have experience working with British nationals in Dubai and can provide the necessary guidance and support throughout the mortgage application process.
It’s entirely possible to get a mortgage to buy a residential property, refinance a UK property you already own, or purchase a UK property as an investment or buy to let.
What do I need to know about expat mortgages?
When applying for an expat mortgage, there are certain requirements that you need to fulfill. These requirements are similar to standard residential mortgages, but there may be some differences.
Requirements for expat mortgages
1. Proof of job or employment contract: You will need to provide proof of your job or employment contract to demonstrate your ability to repay the mortgage. You might need to go through extra due diligence from your lender because of the language differences, cultural and legal differences, and even foreign currency differences – but it can be more straightforward than you might expect.
2. Proof of income if self-employed: If you are self-employed, you will need to provide proof of your income through tax returns or financial statements. This can make things trickier, but still not impossible.
3. Clean credit history: Lenders will assess your credit history to determine your eligibility for an expat mortgage. It is important to maintain a clean credit history by paying your bills on time and managing your debts responsibly. Maintaining a UK credit score goes a long way if you’ve been able to while you’ve been a non-resident.
4. Equity or deposit: You will need to have equity or a deposit to secure the loan. The amount required may vary depending on the lender and the specific circumstances of your application. Generally, we can work with expats if they have a 20% deposit for residential purchases, but there can be options for lower deposits depending on the broader circumstances.
| Requirements for Expat Mortgages | Additional Considerations |
|---|---|
| Proof of job or employment contract | – Ensure stability of income – Demonstrate ability to repay the mortgage |
| Proof of income if self-employed | – Provide tax returns or financial statements – Show a consistent and reliable income |
| Clean credit history | – Pay bills on time and manage debts responsibly – Maintain a good credit score in the UK if possible |
| Equity or deposit | – Have sufficient funds to secure the loan (generally at least 20% deposit) – Amount required may vary depending on the lender |
Can I get an expat mortgage with little or no credit history?
When it comes to getting an expat mortgage as a British expat in Dubai, having little or no credit history may not necessarily be a barrier. While traditional residential mortgages often require a three-year address history, lenders who specialise in expat mortgages understand the unique circumstances of expats living abroad.
They may adopt a bespoke underwriting approach based on your financial profile, taking into account factors such as your level of income and employment stability.
We work with private banks, family offices and international building societies that can take a view on certain aspects of expat mortgage applications if other financial context is there to support your application.
Working with a specialist mortgage adviser
Partnering with a specialist mortgage adviser, such as UK Expat Mortgage, can significantly increase your chances of obtaining an expat mortgage with little or no credit history. We have extensive experience in sourcing expat mortgages and have access to a wide range of lenders who are willing to consider applicants with unique circumstances.