UK Mortgage while working abroad

[98elise]

My younger brother is working in Dubai and he's thinking of buying a property here for when he comes back. He's in his mid 20's and It would be his first mortgage/home. What are his options for getting a mortgage here when he lives and works abroad?

I'd be happy to act as a guarantor, or what ever is needed to provide the mortgage company with some security. The only issue that is I already own property, so I don't want to formally own a chunk of his property otherwise there will be tax liabilities.

[Sarnie]

Foreign currency income............living abroad.............slim to none.............

Some of the finance specialists might do it with heavy rates and fees........

[Ninja59]

Having recently seen it some of the conditions could be fun mostly in the periods between it being occupied. Furthermore, considering most will require you to insure it then they also have the same style of occupation clauses usually...so be careful.

[98elise]

Thanks both, sounds like a non starter then.

I suppose the only way would be for me or another family member to do the actual purchase, with him paying the monthly mortgage payment.

[Buffalo]

We did exactly that in 2012/3. Used Halifax - they had a specific product for overseas UK nationals that allowed purchase and to rent out without needing buy to let mortgage, however they did expect you to live in property on return to UK. We fixed at 2 years, competitive rates. Needed 25% deposit though...

[Sarnie]

Buffalo said:

We did exactly that in 2012/3. Used Halifax - they had a specific product for overseas UK nationals that allowed purchase and to rent out without needing buy to let mortgage, however they did expect you to live in property on return to UK. We fixed at 2 years, competitive rates. Needed 25% deposit though...

That was a long time ago...............

[jinkster]

Yes its definitely possible. I know a number of people in Qatar who have done the same. You just need to speak to a specialist lender / mortgage adviser who will help.

[Testaburger]

I went through the whole process from Hong Kong with HSBC, although I didn't proceed with the mortgage in the end. Rates marginally higher, fees about the same.

Very straightforward. I have hundreds of colleagues who have mortgaged in the UK.

Your brother will need a bigger deposit, 30-40% seems to be the required starting point, but anyone who tells you it's unlikely is talking pure rubbish.

[drfrank]

Plenty of lenders are willing to lend to expats for UK mortgages, the rates are a little higher and the deposit is higher (usually 30%).
Anyone that tells you differently is ignorant of facts.