If you are living abroad and considering purchasing a property back home in the UK, then you probably know that it’s not always as simple as getting a mortgage as if you were resident. However, it is possible, but can be made a lot easier with the support of a specialist expat mortgage adviser.

After a quick no-obligation chat with a member of our team (book yours here), you will quickly know if it’s going to be possible for you to get a UK mortgage if you live abroad.

But how much exactly will you be able to borrow on an expat mortgage?

We decided to ask our expat mortgage specialists, with their overview on what could be possible for you this year.

Expat mortgage: How much can I borrow?

UK lenders are required to always lend responsibly. This means that the days of borrowers being able to self-certify their incomes are long gone, with expat mortgages only now being approved where the lender can clearly demonstrate they have exercised responsible lending.

In simple terms, you will only be able to borrow as much as you can afford on an expat mortgage, and this is calculated on a number of factors.

The bottom line is; lenders will look into your financial situation and calculate how affordable the expat mortgage loan repayments will be. They do this by calculating the difference between your total income and outgoings.

So, whilst you could earn a good wage, that doesn’t necessarily mean you will get the mortgage you expect, as if you have a lot outgoing financial commitments, your affordability will reduce.

Furthermore things like the number of dependent children you have can also be taken into account, so it is important to get a specialist to assist you with your  calculations. This is known as a full I&E declaration (income and expense). So, it is clear that a high credit score and a good income are only part of the story, a specialist adviser can help you with an in-depth knowledge of a lenders’ criteria.

How much can I borrow on an expat buy to let mortgage?

The expat buy to let market is a little different, as mortgage lenders can work in different ways when deciding how much you can borrow. It can include considerations such as:

  1. The traditional affordability calculation based on income and expenses.
  2. Borrowing calculations based on how much rental income will be generated.
  3. Or… a mix of your own affordability and the projected rental income.

As you can probably tell, how much you can borrow on an expat mortgage for a buy to let property is far from simple – get in touch with our specialists who can guide you.

Need help finding a mortgage?

If you want to know more about how our specialists work in this field, please take a look at our expat mortgages page. It contains a list of common questions that people living abroad will often ask us about getting UK mortgages.