Market Harborough extends Australian expat mortgage range
Market Harborough Building Society has extended its expat mortgage range to include borrowers in Australia.
The society has separate rates for residential and buy-to-let mortgages. The residential rate has a 2.24% discount from the 5.49% standard variable rate for five years. Applicants will need a 25% deposit to qualify.
The buy-to-let rate is fixed for five years, and it is priced at just over 3.5%. The minimum loan size is £200,000 and applicants will require a 30% deposit.
Aaron Strutt, product director at Trinity Financial, says: “It can be difficult for lenders to complete credit searches when clients live overseas, so applications are subject to robust checks. They will want to see bank statements, employment references and other documents to verify their creditworthiness.
“The employer has to be an established company and Market Harborough will ask from employment references to confirm applicant’s residency address overseas. Expats are required to have a UK bank account, and they must earn a minimum of £45,000 per annum.”
All expat cases will be considered on an individual basis all applications will be referred to the credit committee for approval.
Alternative Australian expat lenders
There are a number of high street mortgage lenders and private banks offering expat mortgages from borrowers in Australia and across the world.
If you live and work in a country on the UK’s sanctions list, it may be more difficult to secure a mortgage.
There is a list of these countries on the government website: https://www.gov.uk/guidance/current-arms-embargoes-and-other-restrictions.
For help to secure an expat mortgage call Trinity on 020 7016 0790.