British Expat Mortgages in Singapore for UK Expats

British Expat Mortgages in Singapore for UK Expats

There are currently 4.65million British expats worldwide and according to the Office of National Statistics (CFP/DWP/ONS/2012), Singapore currently accommodates nearly 50,000 UK nationals.

We deal with a number of clients looking for ex pat mortgages living in Singapore looking to re-mortgage onto a residential or an ex pat buy to let mortgage or who want to purchase property here in the UK.

They have usually been outside the country for a number of months, sometimes years and are in receipt of the generous Singapore tax position as a result of their expatriate status. They contact us for UK expat mortgage advice. Generally, they are receiving all the benefits of this low taxation economy but when trying to arrange UK expat mortgages or British expat buy to let remortgages, their non-UK tax position causes significant issues qualifying for expat mortgage rates.

They usually make connect with us looking for mortgages in London or in other parts of the United Kingdom. They may have spoken to their British bank regarding mortgages for expats and perhaps have been refused or they may have discussed their situation with other expat mortgage brokers, only to be advised that British mortgage lenders have pulled back from the expat mortgage market. Whilst this to an extent is true, there still remain a number of competitive interest rates on expat mortgages available.

Typically, as UK mortgage intermediaries in London the expats that we deal with are paid in non-UK currency and in Singapore this is local dollars. They may still use their UK bank account but sometimes this has been left inactive. On moving to Singapore they are no longer registered with UK utility companies and might have removed themselves off the voters roll without realising the consequences for bank risk credit scoring. When it comes to checking worthiness, they are being automatically declined by the lender’s computers. They express their frustration to us as they usually have a good level of equity in their property or have a good deposit to purchase another with a mortgage. Expats usually enjoy good income and whilst not paid in Sterling or into a UK bank account. They are however, able to evidence the sums involved to support their mortgages for expatriates through their Singapore Banking relationships. Typically, clients we deal with, work in financial services, recruitment, biomedical science, Research & Development, Healthcare, interactive & digital media and an array of other industries.

As international mortgage brokers we have significant experience in dealing with clients living abroad. We will look at expat mortgages UK -wide as well as the range of mortgages for expats buy to let. The lenders we work with, will take an holistic approach to each application and many offer mainstream exclusive expat deals and similar expat interest rates to those available to UK nationals living in Britain.

In order to successfully arrange your expat mortgage in the UK, we will need to undertake some added due diligence when making the application and usually this will mean having a Singapore Lawyer or the British consulate, certify as a true copy, your passport and proof of your residential address in Singapore. We will also usually need original print outs of your last 3 months bank statements to present to the lender to demonstrate affordability. In addition for those taking out a buy to let remortgage we will normally require a copy of your current rental agreement to demonstrate the previous or current rent you are receiving on the property to be subject of the expat mortgage. UK lenders will usually want this document if the property is currently let.  The funding itself can be arranged on a capital and interest basis or if preferred, the loan can be set up as a mortgage interest only. Expat finance has much of the same flexibility as that offered to UK residents.

We will arrange for all documents to be sent guaranteed recorded delivery and we will return all forms back in the same manner to ensure security.

Once we have commenced the application, we will advise you each step of the way, helping to arrange the surveyor to view the property as well as liaise with your chosen UK solicitors, dealing with the legal conveyancing on your behalf. Our whole process of a purchase or re-mortgage usually can be concluded within 15 business days upon receipt of all your supporting documents.

However, depending on the complexity of the case, this can at times, take a little longer for mortgages for expats. UK providers usually have to undertake some additional money laundering checks so we advise between 15-25 business days.

We are the UK expat mortgage specialist and help and assist a number of clients arranging finance from Singapore. We offer mortgages to UK expats worldwide.

If you require information on our rates, call our expat mortgage brokers today on 020 3 216 2037

How to get in touch

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Selected Expat and Offshore Worker Mortgages

A selection of some of our lenders mortgage products and rates are shown below. Contact us for a quote specific to your circumstances. Table data updated 26/07/2017.

CodeIntial
Rate
Mortgage
Type
For /
Until
Subsequent
Rate
APRCEarly
Repayment
Charge
Fixed Lender
Fees
% Lender
Fees
Notes

001

1.99%

Fixed

30/09/2019 4.59% 4.70% 2% in year 1, then 1% in year 2 £995

None

Expat Buy to Let to75% LTV

Repayment or Interest Only

Expat and UK Resident Joint Application.

002 **SEMI EXCLUSIVE**

 

3.19% Discount

31/12/2019

5.70% 5.70% 3% in year 1, then 2% in year 2 £0 0.75%

Expat Residential to 80% LTV

Second Home or UK Base

003

 

1.69% Discount 31/07/2019 5.70% 5.70% 1% until 31/07/2019 £199 None

Expat Residential to 75% LTV

Free Standard Valuation.

Either: immediately returning to the UK or UK resident and Expat Joint Application.

004

**SEMI EXCLUSIVE**

2.89% Discount 2 Years 5.70% 5.70% 3% in year 1, then 2% in year 2 £0 0.75%

Expat Buy to Let

Max 50%-75% LTV (product dependant)

First Time Buyers / Pure Expat Applicants Considered

005

1.24% Fixed 30/11/2019 3.75% 3.75% 2% in year 1 & 2 £995 None

Expat Residential

Max 60% to 90% LTV (product dependant)

UK resident and Expat Joint Application

006

**SEMI EXCLUSIVE**

 2.80% Discount  2 Years  5.29%  5.29%  2% in year 1, then1% in year 2  £995  None 

Expat Holiday Let

Max 60% - 75% LTV (product dependant) 

007  3.60% Fixed 31/08/2019  4.00%  4.00%  2% in year 1,then 1% in year 2  None  1% 

Expat Buy to Let

Max 65% - 75% LTV (product dependant)

Personal income used (not based on rental income)