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Which banks offer mortgages to Americans buying in the UK?
It does not have to be a challenging process to secure a mortgage if you are an American citizen living and working in the UK or transferring to the UK with your work.
It may also be possible to arrange buy-to-let mortgages for Americans through our sister company, Trinity Specialist Finance.
Banks and building societies require slightly more information to provide a mortgage, but many lenders offer mortgages to Americans, providing they have a visa and typically a 25 per cent deposit and a link to the UK.
Aaron Strutt, product director at Trinity Financial, says: "Over the years, we have helped US Nationals buy properties in the UK but they need to have some form of link or credit footprint like a bank account or UK taxpaying company.
"We recently arranged a mortgage for an American and Canadian couple paid in US Dollars. The primary earner worked for an American company and had been posted to the UK indefinitely on a working visa. The partner had a dependent visa."
UK lenders have different acceptance rules, so some are happier to lend to Americans and foreign nationals than others. The most popular mortgages in the UK are two or five-year fixed rates, and the longest rates tend to be ten-year fixes. It usually takes Trinity's advisers two to three weeks to secure a mortgage offer.
Some of the biggest banks offer mortgages to Americans living or moving to the UK
NatWest can lend up to 90% loan-to-value to Americans on a Tier 1 visa or highly skilled migrant visa. For individual applications on another type of visa (like Tier 2) without permanent rights to reside, there is often a maximum of 70% loan-to-value. For joint applications with one borrower on the mortgage with someone with a Tier 1 Visa, ILR or UK/EU citizenship, NatWest can consider lending up to 90% of the purchase price.
The bank can lend to Americans when they arrive in the UK, providing they meet the acceptance and mortgage affordability criteria. NatWest requires at least six months left on the visa and asks borrowers to provide a certified copy of their passport and visa.
NatWest's international department can provide mortgages for Americans living in America buying a home in the UK, and this includes Scotland. Applicants do not need a visa, although the bank will want to know how often they stay in the property if it is not let out.
Investec Private Bank is happy to lend to wealthier American clients in the UK or the US. They will need a minimum income of £300,000 to qualify and have net assets of at least £3 million. Applicants in the UK typically can borrow 85% loan-to-value, although this will be reduced for overseas clients.
Investec assesses cases differently from the high street lenders, and its credit committee meets daily to agree on applications. The bank uses personal income to boost the maximum loan size on buy-to-let mortgages if the property does not generate enough rent.
Metro Bank has some competitively priced rates and lends to Americans on a Tier 2 Visa, providing they have a 25% deposit and earn at least £75,000. Applicants must be employed and take a mortgage on a capital repayment basis. They will also need a good credit score.
Santander will consider lending to Americans in the UK, providing they have a visa, but the mortgage is likely to be capped at 75% loan-to-value. Foreign nationals living in the European Economic Area are considered to be UK nationals.
Call Trinity Financial on 020 7016 0790 to secure a large mortgage loan, book a consultation, or complete our mortgage questionnaire.
The information contained within was correct at the time of publication but is subject to change.
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