Business

UK expat will need financial clout to be given a mortgage

It is possible for an expat to arrange a mortgage in the UK, but new restrictions in the lending market there are making it harder for all prospective borrowers and not all lenders will assist non-residents.

I have been resident in the UAE for a few years and as I have saved up a deposit I would now like to buy a home for the future in the UK. I spoke to my bank but they said they couldn't help as they do not lend to expats. I have a good income and want to borrow up to 80 per cent of the purchase price, but will I be able to arrange a mortgage if I don't live in the UK? DM, Abu Dhabi

It is certainly possible for an expat to arrange a mortgage in the UK, but new restrictions in the lending market there are making it harder for all prospective borrowers and not all lenders will assist non-residents. As a rule of thumb you should have a deposit of 25 per cent and be looking to borrow upwards of £100,000 (Dh625,000) to be considered, although there are always a few exceptions. My contacts also say it is easier to assist if the expat works for a larger organisation or an international company so that their income track record can be verified.

Keren Bobker is an independent financial adviser with Holborn Assets in Dubai, with over 20 years experience. Contact her at keren@holbornassets.com. Follow her on Twitter at @FinancialUAE

The advice provided in our columns does not constitute legal advice and is provided for information only. Readers are encouraged to seek appropriate independent legal advice

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If you go

The flights 

Emirates flies from Dubai to Funchal via Lisbon, with a connecting flight with Air Portugal. Economy class returns cost from Dh3,845 return including taxes.

The trip

The WalkMe app can be downloaded from the usual sources. If you don’t fancy doing the trip yourself, then Explore  offers an eight-day levada trails tour from Dh3,050, not including flights.

The hotel

There isn’t another hotel anywhere in Madeira that matches the history and luxury of the Belmond Reid's Palace in Funchal. Doubles from Dh1,400 per night including taxes.

 

 

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