Mortgages
We offer mortgage services for first-time buyers, house moves, buy to let and expats, returning expats and foreign nationals. Our mortgage services take away the strain and worry that can come with buying, or raising finance from, a property.
Your home may be repossessed if you do not keep up repayments on your mortgage
Fidelius deVere – My PFP
What factors should you consider when making the decision to buy property?
- What factors should you consider when making the decision to buy property?
- Is the time right to take such a step?
- How much can you afford to borrow?
- What are you wanting to purchase the property for?
- What previous experience have you had?
- What is the housing market currently like?
- What fees and costs are involved?
- Should you opt for interest only or repayment?
- What is the ideal term for borrowing your funds?
What costs should you consider when buying a property?
Taking the leap of faith and deciding to purchase a property is the first step towards a very rewarding milestone in anyone’s life however there are several costs that need to be considered:
Deposits can vary from case to case and individual circumstances. Someone who lives and works in the UK may be able to put as little as 5% as a deposit toward their property.
A UK expat or non-UK client buying in the UK may have to have a deposit of up to 25% (or more depending upon personal circumstances).
It’s worth exploring what would be required, and planning this from the start - we welcome initial discussions about how best to begin the process.
Another important cost is the Solicitors costs and fees for the legal work involved in buying, mortgaging or selling your home, this can also include adding a name on to a mortgage or removing a name in the event such as death or divorce.
Estate agent fees, this is a cost not seen by the client buying the property but certainly one a client that is selling would have to consider, these can be from a flat fee to a percentage of the property value.
Stamp duty, this is tax paid when you buy a property and is a tax that catches a lot of clients out on what would be due to be paid. Please feel free to contact us for an accurate illustration for what would be payable.
Valuation costs need to be considered, although these can sometimes be paid by your lender as part of your mortgage ‘package’. Valuations typically work on a sliding scale, the more expensive the property the more you should expect to pay for the valuation.
There are 3 types of valuations to choose from; a standard valuation, a home buyer report and a full structural survey, all of which are more comprehensive and increasingly expensive.
If you’re buying a property to let or to live in, then consideration needs to be given to how this will be furnished, and this would be a cost also worth considering.
UK Resident buying in the UK?
Purchasing a new home is a great experience. However, it’s also one of the top five most stressful occasions in life.
A great adviser can reduce your stress levels. This is what our experienced team are here to do. We are committed to helping to take the stress and hassle out your transaction.
Buying a property is likely to be one of the biggest, if not the biggest purchase you will make in your lifetime. Whether you are a first-time buyer or moving up the property ladder, we will help you with sourcing additional funding to make your purchase possible.
UK Expatriate buying in the UK?
Most UK expatriates will come to us after initially approaching the high street bank they used when they lived in the UK. Typically, having been turned away due to now living offshore and being paid in a foreign currency. The Global Financial Crisis has caused all banks to be much more circumspect about any lending. This is even more so for such expatriate clients, as there is an inability to adequately check credit files whilst living overseas.
This is where a specialist mortgage broker can really add massive value for you. Fidelius deVere mortgages are used to providing effective solutions on a regular basis, for expat’s living all over the Globe.
As a UK expat a residential mortgage is a loan against the value of your home and is repaid by monthly instalments over the term of your mortgage (often over many years) set out at the start of the agreement you chose. It is not uncommon for clients to change their mortgage products or providers over the term of the mortgage to reflect the change in the housing market or personal circumstances over time.
There are several decisions to make:
- How much can you borrow and what is your monthly budget?
- How many years should you repay the mortgage over?
- How old are you and when will you retire?
- Should your product be fixed, tracker, discounted or variable?
- Would you like to make over payments?
- How long should the initial product last for?
Choosing the right mortgage is essential and is not always as straight forward as it may first seem. We can help you choose the right solution for you by understanding your circumstances and finding the most appropriate solution for your needs.
Residential Mortgage
Expatriates looking to buy a residential property are usually considered good risks by mortgage lenders. The property can be classed as a lock and leave which is typically left unoccupied while your offshore and used during holidays or as a base as and when you’re in the UK. The property can be used by your spouse and children while your offshore working or can also be occupied by an immediate family member, parents or siblings all of which are acceptable. As such you should be able to get a mortgage on a UK property on similar terms as a UK resident with a good credit file, however some conditions apply.
There is a slim chance you can get a mortgage for a residential property with just 10% - however most lenders offer maximum lending of 80% loan to value so a suggested starting deposit of 20% would give you more options and selection.
It can be difficult to apply for a mortgage in the UK as a self-employed expatriate, however if you have audited accounts to prove your income it should be straight forward.
Some sanctioned countries can be exempt from lending, this would be on a case by case basis.
Buy to Let Mortgage
UK buy to let mortgages are required for properties that you are looking to buy for investment purposes. This can be for capital appreciation or rental yield or may be both. There are a wide range of mortgage solutions available for this need with a few questions you would need to consider.
- Is the purchase long term or short-term strategy?
- Is the property for capital appreciation or rental income?
- Are you looking to build a portfolio?
- Should you have an interest only product or repayment?
- What type of property are you buying?
- Understand all the costs involved such as management fees, insurances, service charges, ground rent and management fees where applicable?
- Seek independent tax advice to see how you may be affected.
- Are you purchasing as a personal purchase or as a Ltd company?
Receiving the right advice
Whether you are a UK resident or a British Expatriate looking to buy a property in the UK, getting to grips with the complexities of UK mortgages requires professional advice and help yourself by finding the right mortgage solutions for your circumstances at Fidelius deVere mortgages our consultants have been trained to provide the best mortgage advice and practise that is right for your circumstances and requirements. As an independent whole of market broker Fidelius deVere mortgages would always recommend seeking professional independent advice.
Mortgages for non-UK Expatriates buying in the UK
Cases where non-UK nationals are looking to buy in the UK can be somewhat more complex than a UK passport holder buying in the UK for either a residential purchase or an investment. The important things to understand is some lenders will help in this situation and the below is a small list of criteria the lenders will need to understand before agreeing to lend.
In these cases, it is highly recommended to speak to a consultant first before committing to buy any property to establish if lending is available or if any advice can be given to ensure the process is easier to obtain the mortgage before it is needed.
- What are your motivations for buying in the UK?
- Do you have permanent rights to reside in the UK?
- Do you have a UK credit foot print or any form of open credit in the UK?
- What nationality are you and what passports do you hold?
- What currency are you paid?
- Which country do you reside in and is it sanctioned by the UK?
- Where is your deposit initially held?
- Can you read, write and speak English?
- Will any of your documents need translating?
- Do you have a UK bank account to pay the mortgage from or receive the rent your tenant might pay?
Optional Services
Protection Planning
Not only can we get the mortgage you require we can also help you keep the property you have worked so hard to get by offering fully protection advice and provide a wide range of protection products.
Buildings & Contents Insurance
No matter what your property insurance needs we can help provide the right insurance to fit your criteria to ensure the property you have bought is adequately protected and insured.
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