Mortgages without borders - Dudley delivers more expat mortgages
Expat mortgages are a big part of our business and we’ve seen increasing enquiries and mortgages placed. These are partly driven by big lenders retreating from the market post-Brexit. This article from the Financial Times makes this argument and outlines how mainstream lenders cannot write this business now the UK is no longer in the EU. The increase in the paperwork means mainstream lenders who take a one-size-fits-all approach can no longer serve this market. These clients are being presented to us earning both sterling and foreign currencies, we are comfortable with either.
This article from Experts for Expats makes the point that "some UK banks have even changed their rules and no longer offer mortgages directly to expats and non-residents, while other international lenders have made UK mortgages available."
Dudley Distribution Director Rob Oliver: "We have seen an increasing number of enquiries from brokers for expat mortgages and we expect this trend to continue. As mainstream lenders continue to withdraw from the market, this presents a great opportunity for brokers to place more expat mortgage cases with lenders like ourselves. Brokers tell us our manual underwriting means we can take on cases that other lenders can't, helping borrowers achieve their home ownership dreams is something we love to do. Our individual approach lets us do this and we’re placing more and more expat cases to match demand."
Dudley Expat mortgages offering
We offer expat mortgages to UK citizens living abroad. Our manual underwriting means each case is dealt with personally by one of our team. Taking this underwriting approach allows us to be completely flexible and go the extra mile in understanding a borrower's position. We treat borrowers individually and work hard with brokers to place cases that many lenders would not be able to.
We pride ourselves on our flexibility around minimum income requirements and do not require applicants to work for a multinational company. We accept applications from a range of countries and in over 160 currencies.
We offer expat residential mortgages with a maximum LTV of 85% and expat holiday let and buy-to-let (BTL) mortgages with a maximum LTV of 80%.
When we assess affordability, we are flexible in our approach. For applicants paid in foreign currency, the exchange rate used is the lowest point over the last three years. We place no restrictions on the foreign currency so long as it does not fall within any territories subject to financial sanctions or Financial Action Task Force (FATF) countermeasures. We can also accept income from one foreign currency plus income in GBP.
Expat mortgages BTL case study
This case features a couple who moved abroad and wanted to keep their family home but needed finance of 80% LTV. The best way to do this was through a BTL mortgage. The main wage earner was a contract worker paid in local currency. Because they were living in Dubai, there was no income tax on earnings. As we assess each case individually and look at affordability rather than salary we were able to assist this couple.
- 80% LTV
- Contract worker
- Full affordability for a BTL
Expat mortgages Holiday Let
For expats looking for a Holiday Let mortgage we are equally flexible. Our approach to assessing cases individually means we can help borrowers achieve their aspirations. We assess rental on holiday let income and NOT AST income and there are no set minimum income requirements
Holiday Let USPs
- 80% LTV
- FTB / First time landlord
- Can live in the property when not let
Expat mortgages residential case study
This interesting case involved an ex-armed forces employee. After completing their service, they began working for a US security firm. As well as being based in Iraq, they were paid in USD and wanted to buy a property in the UK as their residence when they were home. Due to the fact we consider each case on its own merits, our team of underwriters was able to take a view and were happy to assist this individual.
- Foreign currency
- Foreign employer
- We will consider most countries subject to suitable rationale for residence
We are a broker-friendly lender and would love to hear from you. Follow the links to find out more:
Find out more about our Expat Mortgages
Find out more about our Holiday Lets Mortgages
Find out more about our Intermediary mortgage product range.
Check out our latest mortgage rates and product guides