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Do expatriates need a British loan record to obtain a British mortgages? Enclosure / Enclosure
When you are an Expat in the UK, here is a guideline on how you can get a home loan to buy a British home and enhance your credibility without a British loan record. In fact, the easy response to this frequent request from British expats is: "No." It is not absolutely necessary to have a British loan record in order to take out a British mortgag.
These guidelines also provide three brief hints on how an exporter can build and enhance his British loan value. A recent or prior UK loan history is not a prerequisite for obtaining a UK loan, but may, in certain conditions, allow an expatriate to obtain more favourable and adaptable conditions than those offered by an off-shore or internationally operating lender who generally does not demand a loan underwriter.
Stewart Marshall, Business Development Director of Liquid Export Mortgages, gives an overview of this often missunderstood topic. There are also several instances where a UK loan record can help, as well as ways in which an exporter can enhance his UK loan record while abroad. It is not absolutely necessary for you to have a UK loan record or a UK financial statement if you are a UK national or foreign national wishing to make an investment in a UK home with mortgages.
This is mainly because most UK and foreign creditors only need your mailing list for the last three years. As many expatriates have been working abroad for at least this period, financial firms are not in a position to carry out a loan assessment by Expert and/or Equifax.
Of course, non-national citizens who have never been resident in the UK have no historic loan files and the relevant off-shore bank and financial institution recognises this fact in their applications and subscription processes. The Liquid Expat Mortgage has assisted thousands of customers from all over the world to obtain British mortgages that have either never been in the UK or have been expatriates for many years and have no links with the UK.
Loans granted to foreign customers are Buy to Let, Home Loans and Home Loans. British loan histories and the review become an important reflection when an expatriate has been living in the UK at some point in the last three years and they are looking for a more competetive business from a UK creditor as distinct from an off-shore creditor.
In addition, many expatriates may still have an established UK home page which they will retain as their home page for writing letters to customers, and as such will allow UK creditors to browse them at that site and comply with the CRA. It will help customers who want to go back to the UK real estate managers and look for creditors who don't levy a GBP 100,000 floor or mortgages that don't have 1 per cent wire charges, as many off-shore and global financial institutions do.
British mortgage companies, who can often complete the mortgage claim procedure much more quickly for expatriates looking to either buy for rent or look for prime mortgage, tend to have lower processing charges, more competitively priced interest and a larger selection of land line and trackerships.
It allows a UK creditor to evaluate your claim at a UK location and expands the available mortgages for you. 2 ) Before you request a UK loan, you will receive a copy of your loan files from either Expert (www.experian.com), Equifax (www.equifax.com) or CallCredit (www.callcredit.co.uk). Three of them provide immediate on-line control of your GBP 2 legal loan reports.
All you have to do is fill out an online request on their website and you have instant online control over your loan files. If, as an expatriate, you have failed to make a financial settlement due to relocations or restructuring of your financial affairs, if you live abroad, you can request a "correction notice" to be included in your loan information.
The Liquid expat mortgages aim to facilitate the borrowing lifecycle while offering the widest range of available mortgages as well as creditors who are fully conversant with the needs and conditions of expatriate borrowing. His customers have used his service to obtain UK and foreign mortgages for £50,000 to over £5 million to buy Buy to Let, Investment Property, Main UK and Overseas Residences.
Cash Expat mortgage can offer over 40 different credit providers who are willing to take requests from UK expatriates and foreigners looking for UK and foreign mortgage.