Can I get a mortgage in the UK?
Apr 11

Can I get a mortgage in the UK?

Can I get a mortgage in the UK?

If you are looking to buy a property in the UK then having an approved mortgage is a great way to raise the finances that you need. In this article, we provide valuable tips and information on how to get a mortgage in the UK.

The complexities of raising finance

Applying for a mortgage in the UK can seem quite daunting and it can have its challenges, but this shouldn’t put you off securing funds and investing in the UK property market. With the right support, you should be able to purchase the property you want, with the funds that you need.

While there aren’t any restrictions on foreigners getting a mortgage in the UK, each lender has its own criteria that needs to be met and we recommend checking with the lender before submitting an application for a mortgage.

Although the criteria isn’t uniform across the finance industry, they are all set with the same common objectives. Lenders must comply with money laundering regulations and they all want to ensure that they will get the financial returns that they expect from providing finance. After all, nobody wants to lend money that they won’t get back.

There aren’t any regulations specific to the region you are based in. If you are based in Dubai, Kuwait or Hong Kong then the rules are the same as they are for other citizens around the world.

At Luxury Invest Group we provide local support to anyone in the Gulf, using our knowledge and expertise of the UK market.

Finance options

The UK is one of the biggest mortgage markets in the world with over 11 million mortgages worth more than £1 trillion. If you are looking for a mortgage in the UK then there are various options to consider.

If you are looking to invest in the UK and rent out a property then a buy-to-let mortgage can help you raise the necessary money.

Make sure to work with a lender that understands your needs. Working with a lender that specializes in overseas investments and that has knowledge of the UK market will help ensure success when getting the right mortgage approved. Using the wrong lender, however, and making mistakes, can cause delays and complications in purchasing a property.

Repayment duration

Another factor when getting a mortgage is over what period of time you would like to repay the mortgage. Typically, a mortgage in the UK is repaid over 20-30 years and this varies depending on factors such as the price of the property and how old you are.

While longer mortgage pay-back periods are easier on the pocket on a monthly basis, it does result in larger amounts of interest paid over the term of the mortgage. The lifetime costs of a mortgage need to be taken into account, especially when looking at a buy-to-let property.

Your age also has an impact

How old you are also has an impact on if you can get a mortgage in the UK and, while most banks won’t reject a mortgage application for older applicants, they are likely to change the terms of what’s on offer. They can do this a couple of ways, by limiting the duration of the mortgage agreement to get money back quicker, or by requesting a bigger initial deposit.

Deposits are important

Do you have money saved up? If so then this can really help with applying for a mortgage.

As well as the duration of the mortgage repayments and the size of the mortgage, the mortgage deposit also plays a factor in whether or not you can get a mortgage in the UK.

A deposit is an initial outlay that reduces the amount of money owing – and lenders frequently offer better mortgage options on the condition that you provide a larger initial deposit.

Larger deposits reduce the risks for banks, so they incentivize borrowers who pay larger deposits by providing better, more attractive mortgage options, and in many cases, lenders only offer a mortgage if you can provide a sufficiently large enough deposit.

Paying a larger deposit also helps to reduce the financial burden for you by reducing the monthly payments to a more attractive amount. The larger the deposit, the less money there is to pay interest on, which helps to make an investment in the UK property market even more attractive.

When investing in the UK property market, a lender is more likely to request a deposit, so any cash you have available could make a huge difference.

Looking for a mortgage to invest in the UK?

At Luxury Invest Group, we work hard to ensure our customers find the right property for them. We understand the challenges of finding the right property and making sure the process is as stress-free as possible.

If you are looking for a lender to apply for a mortgage then why not give us a call and we would be happy to give further advice and recommend options.

Contact us today for help finding your next ideal property.


Can I get a UK mortgage if I’m based in Kuwait?

Yes, if you are based in Kuwait then you should be able to get a mortgage in the UK, providing you meet the same criteria as anyone from other countries including Saudi Arabia, Qatar and the United Arab Emirates

Can I change the mortgage lender or am I fixed to just one bank?

Although the calculations for mortgage repayments are based on paying back the mortgage over 20 or more years, you can change your lender several times over that period.

Most lenders require you to stay with them for a fixed period and a penalty might be incurred if you change your lender before that period expires, but typically this period is around 2-5 years. Make sure to check what your commitment period is before signing up with a lender.

Who can give me a mortgage in the UK?

When it comes to applying for a mortgage in the UK, it doesn’t have to be a high street bank. You can get a mortgage from any lender that is authorized by the UK financial services authority which includes banks, building societies and other financial institutions. We recommend using a lender that has experience helping people who are looking to invest in the UK property market from overseas.

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