The Sunday Times - Big lenders lock expats out of UK mortgages
Expats are being shunned by high street mortgage lenders when they try to buy a property in the UK — although small building societies and niche lenders are starting to offer deals.
Families who move overseas for work or lifestyle reasons are finding themselves shut out by the big banks if they want a mortgage for a buy-to-let property or a home to live in after they return to Britain.
There were 19 lenders offering expat mortgages in 2004, according to the comparison service Moneyfacts. However, after the credit crunch many stopped taking applications from such borrowers, who are considered more risky, and now only a handful offer the loans.
Borrowers will typically need a deposit of at least 15%, according to the broker Trinity Financial.
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