Expat software engineer secures UK second home mortgage while living in the USA

Expat Software Engineer Secures UK Second Home Mortgage While Living in the USA

Trinity Financial arranged a UK residential mortgage for a software engineer who had been living and working in the USA for more than 10 years.

The client wanted to purchase a second residential property in the UK to use when visiting, rather than relying on staying with family or booking hotels and Airbnb accommodation.

The challenge: securing a UK mortgage while living and working in the USA

Although the client had a strong income, arranging a mortgage as a British expat can be more complicated than applying while living and working in the UK.

The client was paid in US dollars and needed a lender comfortable assessing overseas employment income and lending to an expat purchasing a UK property for their own use.

They were also under some time pressure because they had already had an offer accepted on the property.

Finding an expat-friendly mortgage lender

Trinity Financial's brokers have access to lenders offering mortgages to British expats living in countries around the world.

In this case, we established that one large bank on our panel suited the client's circumstances and its criteria worked with their US-based employment and dollar income.

US-based expat cases can sometimes be relatively straightforward where the applicant has a suitable income and meets the lender's wider affordability and eligibility requirements. Mortgage options can vary considerably according to where an expat lives and the currency in which they are paid.

Bank of England tracker mortgage with no early repayment charges

We arranged the mortgage on a capital repayment basis using a Bank of England two-year tracker mortgage at just over 4.5%.

Importantly for the client, the mortgage had no early repayment charges (ERCs). This provided additional flexibility if their circumstances changed, or they decided to repay or refinance the mortgage during the tracker period.

Can British expats living in the USA get a UK mortgage?

Yes. A range of banks and specialist lenders offer UK mortgages to British expats living in the USA, although their criteria vary.

Lenders will typically consider:

• The country where the applicant lives and works

• Whether they are employed or self-employed

• Their income and the currency in which they are paid

• The size of the mortgage and deposit

• The intended use of the UK property

• Existing financial commitments

• The applicant's UK and overseas credit profile

Some lenders are significantly more comfortable with particular countries and currencies than others, which is why speaking to an experienced expat mortgage broker can be useful.

Need an expat mortgage?

If you live in the USA or another country and want to buy or remortgage a property in the UK, Trinity Financial's brokers can assess your circumstances and explain which lenders are most likely to accept your income and residency status.

We have access to high street banks, private banks and specialist lenders offering mortgages for British expats and applicants receiving income in foreign currencies.

Mortgage arranged: UK second residential property
Client: Software Engineer living in the USA
Income: Paid in US dollars
Mortgage type: Capital repayment, two-year tracker
Rate: 0.82% over the Bank of England base rate for two years
Early repayment charges: None

Call Trinity Financial on 020 7016 0790 to secure a fixed or tracker rate mortgage, book a consultation, or use our appointment calendar

The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage.