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December 10, 2013

UK Expats Struggling to Get a Mortgage

Photo Source: ExpatForum.com

Over the years there has been an enormous surge of UK residents packing up their bags and moving to the United Arab Emirates, and the reason for this is that it is easier and more affordable to lead a luxury lifestyle out there, and this is particularly true with the current economic climate in the UK. Changes that have occurred in the financial markets have a huge impact on real estate, making it harder for people to buy properties over here. With such difficult financial problems in the UK, people are heading abroad to find work and to lead a different lifestyle to what they had when they were in the UK, and the UEA seems to be the place to go which includes destinations such as Dubai, Sharjah and Abu Dhabi.

The UEA is now know as a nation of expats, and only 16.5% of the population there are Emiratis, making the rest all expats with a fair amount of these being from the UK. More than 10,000 people a year have been leaving the UK for the UEA and areas within it such as Dubai, and the economic climate is a big reason for this as well as how much work is easily available in the UEA in construction, oil and banking. On top of this there is the beautiful weather and scenic surroundings that make it such an appealing place to move to. There are roughly 5 million UK expats who are living and working abroad, and what a lot of them will now find is that banks and financial institutions will not give them a mortgage for a property back in the UK. Lots of expats are looking to buy properties in the UK so that they have somewhere to return to, but on top of this so that they can benefit if the house prices rise over the next few years.

Seeking Help from Mortgage Intermediaries
Not being able to get a property back in the UK can be particularly stressful and frustrating for expats, and even more so the fact that lots of mortgage lenders previously had UK expat deals which they have now pulled off the table. This has left a lot of individuals with little to no hope in getting a property back in the UK, but there is something that they can do. There are mortgage intermediaries, like Capital Fortune Expat Mortgages, who act as international mortgage brokers and have access to lots of banks and private lenders, and this allows them to find decent expat mortgage rates. This alleviates a lot of the stress and allows all the hard work to be done by the mortgage brokers.

The changes in the financial markets are the reason that expats now find it so difficult to get a mortgage and to buy a property from lenders, and with so many looking to invest in a property it can be frustrating, but they should know that there are options available to them. 

The views and opinions expressed herein are the author's own, and do not necessarily reflect those of EconMatters.

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