Obtaining mortgages for properties in the UK is very difficult if you have no UK residential status. We have been able to source mortgage loans for Foreign nationals through the lenders (there are not many) who will assist.
These lenders are looking for a minimum value of the property to be mortgaged of £75,000 and will generally lend up to 60-65% LTV. Loans are often for only 5 -10 years and therefore the rates are higher than the UK mortgage market, with the average rate in the range 6-7% per annum.
Lower rates can be achieved if you have properties valued at £400K + as with a minimum loan size of £250,000 it becomes more cost-effective and so enables the lenders to lower the rates.
There are several organisations providing courses and instruction on how to become property investors in the UK. We are not aware they are providing guidance as to the issues in obtaining mortgages.
Samera’s group of Chartered Accountants and members of the ICAEW (Institute of Chartered Accountants in England and Wales) have more than 20 years of combined experience in providing tax advice and dental practice services.
Head of Accountancy and Taxation
Head of Commercial Finance
Director of Business Development
Upcoming Samera Events