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Global Forums > General > Expatriate buying property in England -advice needed from the Brits
 
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Expatriate buying property in England -advice needed from the Brits


I am just wondering if  it is possible for an expatriate( who lives outside the UK)  to buy a house/flat in England? If it is possible what are the requirements?


Thank you.


Molula


The text you are quoting:


I am just wondering if  it is possible for an expatriate( who lives outside the UK)  to buy a house/flat in England? If it is possible what are the requirements?


Thank you.


Molula



Molula_MFeb 1, 2010 @ 20:28
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Re: Expatriate buying property in England -advice needed from the Brits
Post 1

Yes it is, but it is easier with a European or US nationality.  It also depends on whether you want to buy an investment property (buy to let) or to live in.  If you are buying to live in, wait until you are there.  If for investment expect to put down 15-25%, and pay 6% interest. 

The text you are quoting:

Yes it is, but it is easier with a European or US nationality.  It also depends on whether you want to buy an investment property (buy to let) or to live in.  If you are buying to live in, wait until you are there.  If for investment expect to put down 15-25%, and pay 6% interest. 


tax_exile, Feb 2, 2010 @ 07:47
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Re: Expatriate buying property in England -advice needed from the Brits
Post 2

Molula there are no restrictions on the foreign ownership of real estate in the UK. If you are paying cash it is simple.


 


My company arranges finance for property purchase around the EU and our current experience, if you need to borrow for a UK investment property as a non-resident, is that a minimum 25% deposit is required. Expect 5% interest.


 


On the other hand if you have other assets which can be pledged, ie stocks bonds etc, then finance is available at nearer 3%


Cheers, Phillip

The text you are quoting:

Molula there are no restrictions on the foreign ownership of real estate in the UK. If you are paying cash it is simple.


 


My company arranges finance for property purchase around the EU and our current experience, if you need to borrow for a UK investment property as a non-resident, is that a minimum 25% deposit is required. Expect 5% interest.


 


On the other hand if you have other assets which can be pledged, ie stocks bonds etc, then finance is available at nearer 3%


Cheers, Phillip


wilycoyote, Feb 2, 2010 @ 09:42
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Re: Expatriate buying property in England -advice needed from the Brits
Post 3

Hi, i found this information as we own a property in the UK (but we are from the UK ourselves). I think it depends on where you are from and how long you have lived in the UK or EU.


Non EU citizens


Foreign nationals that have not been living within the EU will not have a credit file that can be traced. Mortgages will be available after the applicant has lived in the UK for a minimum of 2 years. It may be possible to arrange a non status mortgage before then, however a large deposit 25%+ will be required.


Most lenders prefer that foreign citizens have full rights of permanent residence in the UK.


Some lenders will accept applications from foreign citizens who have a work permit.


 


EU citizens


Mortgages are available to EU citizens after living and working in the UK for a minimum of 6 months. The following list represents common requirements:


*
Applicants have been residing in the EU for the past 3 years
*
Applicants have a UK bank account
*
Applicants have a permanent job in the UK


As with UK citizens, all mortgage applications will be credit scored. If you have not been living in the UK for very long then this will have the effect of reducing your credit score.


 


 

The text you are quoting:

Hi, i found this information as we own a property in the UK (but we are from the UK ourselves). I think it depends on where you are from and how long you have lived in the UK or EU.


Non EU citizens


Foreign nationals that have not been living within the EU will not have a credit file that can be traced. Mortgages will be available after the applicant has lived in the UK for a minimum of 2 years. It may be possible to arrange a non status mortgage before then, however a large deposit 25%+ will be required.


Most lenders prefer that foreign citizens have full rights of permanent residence in the UK.


Some lenders will accept applications from foreign citizens who have a work permit.


 


EU citizens


Mortgages are available to EU citizens after living and working in the UK for a minimum of 6 months. The following list represents common requirements:


*
Applicants have been residing in the EU for the past 3 years
*
Applicants have a UK bank account
*
Applicants have a permanent job in the UK


As with UK citizens, all mortgage applications will be credit scored. If you have not been living in the UK for very long then this will have the effect of reducing your credit score.


 


 


FlowerRose, Feb 2, 2010 @ 10:26
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