UK Property Mortgages Guide
If you’re tempted by property for sale in the UK, find out our guide to UK property mortgages for expats and non-residents.
Before even beginning to look at properties for sale in UK, first check out our guide to UK property mortgages to make a calculation of how much you can realistically borrow from the bank and what property prices you can afford. There are no restrictions on foreigners applying for a UK mortgage, but UK mortgage conditions can change depending on whether you are a resident or non-resident in the UK.
Here are some things to keep in mind when it comes to getting a mortgage:
- Expect the interest rate to be around 2-4%. This rate will vary case-by-case based on the lender criteria, your needs and circumstance.
- The loan-to-value (LTV) ratio can vary between 65-75 %.
- When it comes to the payment method you can choose between Interest Only or Interest and Capital. The term for an Interest Only mortgage is from 5 to 15 years the term for Interest and Capital is approximately 25 years. Both are dependent on the age of the borrower.
- The interest rate can be booked for a fixed-term from 2 to 5 years, this will give a piece of mind that you don’t need to remortgage for 5 years and you will know how much you pay each month. The variable interest rate depends on the client and their needs is less than the fixed rate.
- Lending age depends on the bank, with some who lend up to age 80.
- A guarantor can be used to increase the borrowing, and to avoid hefty stamp duty.
- Most of the lenders will look to the rental income for investment, if this is not enough, they will check the client’s income for top-slicing.
- For a live-in property they will look to your income.
Our mortgage partners include:
Springtide Capital Limited
Phone: +44 7891 044 346
Visit their website www.springtidecapital.com for further information on the services they provide.