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Contents
3 deVere Mortgages
5 UK resident buying in the UK
7 Income vs Expenditure
9 What should you consider when determining your new home budget?
11 Why use International Mortgages?
13 Mortgages for UK expatriates
3. © 2016 Mortgage Guide. All rights reserved. 3
If you are looking for your ideal mortgage, it is in
your best interest to seek expert and professional
advice. By doing this, you can ensure that you
get the very best service available. At deVere
Mortgages, we seek out the very best UK and
overseas mortgage solutions for all our clients.
deVere Mortgages, as part of the world’s leading
independent financial consultancy deVere Group,
offers sound, reliable and expert Mortgage Advice
to UK residents and Expatriates around the world.
We are able to assist you in finding and arranging
a mortgage which is perfectly suited to your needs
whether you are looking for a new mortgage
or to re-mortgage a property in the UK or your
country of residence. If you already own property
overseas and wish to unlock some equity from
it, re-mortgaging may well be an option worth
considering.
MORTGAGE GUIDE // 2016
What factors should you consider before
you move?
• Is it the right time to take such a step?
• How much can you afford on a mortgage?
• According to your circumstances, what kind of
mortgage would you like?
• What is the housing market like at the moment?
• What fees are involved?
• Are the fees reasonable?
• How long will the loan take to repay?
• What terms are there for the loan including new
interest rate, loan amount and the length of the
repayment period?
At deVere Mortgages, we pride ourselves with
our ability to provide independent and impartial
advice to our clients for all their property needs.
Our Specialist International Mortgages team have
a combined experience in mortgages and overseas
financial services spanning decades. All of our
clients will receive a truly comprehensive range
of services, which even includes foreign currency
exchange and expert legal advice through our
network of carefully selected partners.
deVereMortgages
5. 5
MORTGAGE GUIDE // 2016
Purchasing a new home is a great experience and it is likely to be one of the
biggest investments you will make, if not the biggest. However, if you are a first
time buyer or moving up the property ladder, you may require additional funding
and will most probably need to take out a residential mortgage.
A residential mortgage is a loan against the value of your home. The mortgage
is paid off by monthly instalments over many years according to the plan you
choose. It is not uncommon for people who have residential mortgages to
change mortgage products or providers as the housing market and personal
circumstances change over time.
There are a number of questions you should ask yourself prior to making a
decision, including:
• Should you opt for a repayment mortgage or interest only mortgage?
• Should the mortgage be provided by a bank, specialised lender or building
society?
• Should the mortgage interest be based on a variable, fixed or capped rate?
Choosing the right mortgage is essential and is not always as straightforward as it
may seem. We can help you by finding the solution that seems most appropriate
for your circumstances.
UKresidentbuyingintheUK
© 2016 Mortgage Guide. All rights reserved.
7. 7
MORTGAGE GUIDE // 2016
Fillintheformbelowtogetanidea
ofyourcurrentexpenditure.
Income
Income (Net)
Basic Salary
Annual Bonus
Overtime
Company Living Allowance
Pension Income
Investment Income
Rental Income
Benefits
Other Income
Total net Income - Total Expenditure = Disposable Income
Expenses
Mortgage/Rent
Credit Cards/Loans
Council tax/Utility Bills
House Keeping
Insurance
Social
Pension Contributions
Other Major Expenditure
© 2016 Mortgage Guide. All rights reserved.
9. 9
MORTGAGE GUIDE // 2016
Solicitor’s fees for the legal work involved in buying your new home (and selling
your current home if you have one)
Estate agent’s fees. As the buyer you won’t pay this, the seller does.
Stamp duty. This is a tax you pay when you buy a property. Contact us for a
personalised overview of your potential stamp duty liability.
Valuation fees. This is what your mortgage lender charges to value your new
home.
Survey charges. It’s always worth getting a structural surveyor to check your new
home for defects and problems before you go ahead.
Moving costs. You’ll need to set some money aside if you want to hire a van, use a
removal firm or store your possessions for a while.
Whatshouldyouconsider
whendeterminingyour
newhomebudget?
© 2016 Mortgage Guide. All rights reserved.
11. 11
MORTGAGE GUIDE // 2016
It is essential to understand that there are
considerable differences between overseas and the
more traditional UK mortgages. When arranging
for an overseas mortgage there are many potential
pitfalls which can leave you exposed if you have
not taken the appropriate advice. In the current
overseas property market you should be more
diligent and stick to decisions that you have made.
It is essential that either you or your mortgage
specialist is fluent in the language of the country
that you are buying in to avoid disappointment at a
later stage.
Every country has a different set of laws governing
property in separate regions. If you are not
aware of some of the regulations it could lead
to misunderstandings and potential heartbreak
further along the line. It would be a good move
to get in touch with a renowned international
mortgages expert who will be able to guide
you through the process and inform you of any
rules you must adhere to when buying property
overseas.
Whether you are at an early enquiry stage or have
already found a property, it is always a good idea to
seek expert help in order to advise you on lending
criteria, property laws and help you with the
customs of property buying in the area.
WhyuseInternationalMortgages?
© 2016 Mortgage Guide. All rights reserved.
13. 13
Buying a property in the UK is an appealing option
for many UK expatriates, either as a potential
home or as an investment. Yet there are a number
of things to consider before you start looking
into a mortgage that may be right for you. Most
importantly, you need to decide whether the
property you are looking to buy will be a home for
you and your family or an investment property to
let.
Residential mortgage
Expatriates looking to buy a residential property
are usually considered good risks by mortgage
lenders. As such you should be able to get a
mortgage on a UK property on fairly similar terms
as a UK resident with a good credit rating. However,
some conditions apply:
• You can’t usually apply for more than a 90%
mortgage.
• It can be difficult to apply for a mortgage in the
UK as a self-employed expatriate.
However, as long as you meet the income criteria
and can prove so, it should be straight-forward.
Buy to let mortgage
UK buy to let mortgages are required for properties
that you are looking to buy as an investment.
A wide range of loans are available and you should
MORTGAGE GUIDE // 2016
not have a problem finding a suitable expatriate
mortgage policy.
You may find it helpful to speak to a tax consultant
to find out more about the implications of owning
and running a rental business. You will want to
ensure that the business is established on the right
basis to optimise your tax position. You should
be able to offset most of the expenses such as
maintenance costs, letting agency fees, mortgage
interest and insurance against the rental income
received to calculate your profits before tax.
Onshore vs Offshore
A number of potential benefits are available
whether you have your mortgage onshore or
offshore.
The best option for you depends on your current
circumstances. A financial consultant can help
you consider the alternatives in line with your
requirements.
Choose a currency
It is worth considering which currency you would
like to pay your mortgage in. If you get paid in GB
pounds, it is more beneficial to have your expatriate
mortgage in GB pounds as well. However if you
get paid in another currency you might want to
consider having your mortgage in that currency
in order to protect your money from day-to-day
changes in the currency exchange rates.
Receive financial 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. Help
yourself by finding the right mortgage solutions for
your circumstances.
At deVere Mortgages, our consultants have been
trained to provide the best mortgage advice that is
right for your circumstances and requirements.
MortgagesforUKexpatriates
© 2016 Mortgage Guide. All rights reserved.
15. 15
Capital Raising
If you wish to release equity from your current
property, either for a special project you have in
mind or to buy a second home, you may wish to
consider taking expert advice on the process.
It is essential that you are recommended a
mortgage product that suits your circumstances
and helps you achieve the goal you have set
yourself. You even have the option to take out
interest only mortgages which could potentially
help you keep costs down.
Remortgage
If you are considering remortgaging your existing
property because you are either paying too much
for it, or wish to reduce payments on it until you
have sold it, then a remortgage could be the
answer for you.
By remortgaging your property it could allow you
a more comfortable lifestyle than your previous
mortgage allowed.
Insurance
Choosing the right insurance product can be
difficult especially if you are new to a country,
their language and the legal system. This is why it
is imperative to choose an insurance broker that
will recommend the right products to match your
circumstances.
MORTGAGE GUIDE // 2016
Living overseas you may wish to consider insurance
for the following to prevent any unwanted costs
should something go wrong:
Foreign Exchange Services
To make your money go further it is important that
you have access to fast and secure money transfers
or currency exchanges. It may be worth checking
with your mortgage advisor as to whether that
company has that facility or shopping around
until you find one that you are comfortable with.
Money exchange and transfer services help make
your money go further when living out your
dream overseas as you will gain the best possible
exchange rates.
Your mortgage solutions
deVere Mortgages is an overseas mortgage,
insurance and overseas investment specialist aimed
at providing independent and impartial advice to
clients for their mortgage needs. Clients receive
a comprehensive range of services including
overseas mortgage plans, foreign currency
exchange, insurance and expert legal advice.
We work with a panel of lenders in each country
ensuring a wide range of mortgage products
are available to our client base. We will always
recommend the best product to suit your own
specific needs and can offer you exclusive terms
which may not even be on the open market.
deVere Mortgages are able to arrange foreign
mortgages for purchasing property around the
world.
We have also developed relationships with
specialist expatriate insurers allowing you to
get the cover that you and your family deserve.
We offer a wide selection of products which are
provided by international insurers based worldwide
and are able to offer plans including healthcare
schemes for corporate groups.
© 2016 Mortgage Guide. All rights reserved.
