Whether you’re a UK Expat in the US or a US Expat in the UK, you can still take out a UK mortgage!
MANCHESTER, UNITED KINGDOM, November 1, 2019 /EINPresswire.com/ — For many expats looking to build their wealth through safe investments, buying a UK property can be very fruitful and may not be as difficult or as complex as you might think. Property is not only a great way to diversify a client’s portfolio of assets, but it allows expats to plan for their retirement, secure a potential home should they move back to the UK or add another revenue stream through a buy-to-let property. “It all depends on your financial objectives, but certainly many of our UK Expat customers living and working in the USA, like to retain some form of connection to the UK, and one of the best ways is through buying property” says Stuart Marshall of Liquid Expat Mortgages.
“Whilst there are some bureaucratic hurdles to overcome for a US citizen buying in the UK, the fact is it is very possible to obtain a mortgage for a UK property. You just need to know there are providers – like Liquid Expat Mortgages – of foreign national mortgages. Certainly it has been an area of considerable growth over the years especially as the dollar to sterling has made entry into the property market much more affordable. However, buying from the US can be complicated and unless you have a partner who can handle and prepare you for these situations, it can be quite daunting”.
Buying UK Property Whilst Living In The US.
UK lenders adopt many different attitudes towards US expats trying to secure a loan. Some lenders decline US expats completely; others make their decisions dependent on particular criteria whilst some others require that their client lives in the UK for a specified period of time. Often, there will be fewer lenders available for US expats if they aren’t able to stay in the UK indefinitely. “However, given the experience and expertise of the broker, the key point is that both US citizens working in the UK and UK expats living in the US, are still able to obtain a UK mortgage. In the vast majority of cases it is a case of securing good financial advice.”
As a US citizen looking to buy in the UK property you’ll quickly find out that ownership rules are more relaxed in the UK than in the US. For example, when you sell your primary private property in the UK, any gains made are not taxable. However, in the US, only the first $250,000 is tax-free. Anything over this threshold will be subject to taxation. Another difference is that if a property is purchased by a married British and American couple and said property makes a profit, the US spouse is subject to taxation while the British spouse is not. However, good financial advice and an expert broker will advise you to legitimately mitigate tax. For example, by putting the house in the British spouse’s name or gifting your share to another person before you sell, means you will not be liable for any tax.
Currency fluctuation is a major consideration when you are a UK Expat being paid in US dollars or are a US citizen working in the UK. Fluctuations in exchange rates can massively affect financial gains when selling a property and indeed when looking to buy a property This can be vital for US citizens investing in the UK, or British expats living in the US, that want to buy a UK property.
“Again the value of working with an experienced Expat mortgage adviser is inestimable, especially when you take into consideration all the aspects and difficulties associated with these types of mortgages. To have the facility of dealing with one broker who has the ability and experience to assist with the entire purchase process is something we have built up over the years. This has allowed us to better understand and deliver the correct solution when it comes to US nationals and UK Expats who want to buy in the UK. We can handle cases expertly, simply and effectively by placing the right case with the right lender by being aware of the client’s specific needs”.
Liquid Expat Mortgages is the No 1 Expat Mortgage broker and has a team of experienced and regulated mortgage consultants, dedicated entirely to helping expats find the very best mortgage deal. We work with over 50 lenders to deliver the best product for your needs. For complete Expat Mortgage Support contact Liquid Expat Mortgages and see how Liquid Expat Mortgages can help you just call us 24/7 on +44 (0)161 871 1216 or visit www.liquidexpatmortgages.com.
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Source: EIN Presswire