New Expat Mortgage Scheme Launched

An owner-occupier mortgage for UK nationals working abroad has been launched by National Counties building society.

The mortgage is available on an interest-only basis and the borrowers will need to have an acceptable repayment strategy using UK-based sterling assets.

If the borrowers are not currently living in the property, then they must intend to return to it at a future date.

However, in the event that the borrowers’ circumstances change in future, no further lending or variation of the mortgage terms (including product switch) will be possible.

Foreign nationals must have a permanent or indefinite right to reside in the UK and the applicant must be employed (self-employed is not acceptable).

National Counties’ Keith Barber said: “In the post- Brexit referendum hiatus, we saw a clear gap in the market for expats and those working in the UK, but paid partly in foreign currency.

“National Counties has for many years offered buy-to-let mortgages for expats and now is the time to roll this product out for owner-occupiers.” The terms of the new expat mortgage are that the property must be the borrower’s main home and currently be used by them and/or family members.