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Follow on Google News | New UK mortgage rules to impact overseas buyersAs of last weekend, obtaining a UK mortgage just got harder, if you are an expatriate or international property buyer
By: www.offshoreonline.org MMR will make applying for an international mortgage (http://www.offshoreonline.org/) The main changes relate to the way finance will be approved or not – gone are the simple salary multipliers and in their place now is a calculation of affordability. So expect to be asked how much you spend on the horses, how often you go out and how often you have your hair done, as the banks try to calculate realistic income and expenditure statements. Tim Harvey of international mortgage brokers Offshoreonline.org (http://www.offshoreonline.org/ Top tips for prospective buyers are all common sense. Make sure your current account is in order and showing at least three months in credit, before you start an application – lenders still do not like to see evidence of accounts being overdrawn, as it suggest expenditure is outstripping income. Make sure too that you have up to date statements for all your other accounts and as an expatriate, don’t forget that subsidised accommodation and paid flights home can all be counted towards income. Expatriate buyers should budget on a deposit of 25% for buy to let deals. Banks are often reluctant to lend on ex local authority and low value properties, but expatriate and international UK mortgages (http://www.offshoreonline.org/ End
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