Mortgages for returning expats and foreign nationals
The approx. 5 million self-employed people in the UK today form a huge, active segment of the labour market. Many of those are expats and foreign nationals on long term contracts, relocating to the UK. They're often highly skilled specialists (their skill having taken them abroad) and command long term contracts in well paid roles. As homebuyers go, expats can offer some of the highest quality borrower profiles for lenders.
The problem they have when looking for a mortgage is that this potential is neither acknowledged nor realised by High Street lenders. That's often because traditional UK banks and building societies struggle to provide competitive mortgages for people who fall outside their preconceived low-risk borrower profile. So, anyone without a permanent UK address in the last 3 years and a lack of credit history is going to struggle to buy a home at a competitive rate.
Much Ado About Nothing
What repatriating workers will find is limited choice and high interest rates. To add insult to injury, advisors will ask for reams of proof of income from abroad—not that they always understand it—and then for a huge deposit. At a time when so much of their life is up in the air and cashflow tight, these demands are utterly unrealistic. Thus, the outcome rarely reflects an expat's true borrowing potential, real 'risk' appraisal and their overall creditworthiness.
Freelancer Financials ' core mortgage broking specialism aims to set the record straight. Their independence and spectrum of finance products give independent professionals access to the service and loans their status deserves. One call to their experienced advisors will give expats the boost in self-confidence they need to realise the freedom that their talent and skillset deserves.
For more information and to find out what is available to you, please fill in the form below. Within 24 hours (Mon-Fri business hours), one of their specialist mortgage advisors will be in touch.