If you are a foreign national, a non-UK passport holder living and working outside the UK, looking to invest in the UK property market, you are unlikely to find a buy to let mortgage easily through a high street lender.
However, that’s not to say it’s not possible.
Typically, UK high street banks and building societies will only lend to permanent UK residents. But, there are private banks and other lenders who can be more flexible with their lending criteria and may be willing to agree to a mortgage for a foreign national.
These lenders are generally only accessible via an intermediary which means if you’re looking to invest in the UK property market as a foreign national it’s important to find a finance broker to help you.
That said, it is also highly recommended that you find a whole of the market broker to make sure you are finding the very best deal.
An added benefit of applying to a private lender is that they generally won’t be put off by income in a foreign currency and will generally take all of your income sources into account.
No, you do not necessarily need a UK visa or passport to get a mortgage in the UK, but there will be a wider variety of lenders willing to lend to you if you do.
Commonly, each case is agreed on a case by case basis taking your individual circumstances into account.
One thing to bear in mind is that quite often private lenders will ask that borrowers put down a deposit of at least 30%. This will, of course, vary depending on the lender and your borrowing requirements but it’s something to keep in mind.
Whilst it is a common misconception that getting an investment mortgage in the UK as a foreign national is difficult, it can be time-consuming due to paperwork and other complexities. But, that’s why teams like ours are here to help.