The simple answer to this common question asked by British Expats is No, it is not essential in having a UK credit history in order to raise a UK mortgage.
Having a current or previous Uk credit history is not a pre-requisite to obtain a UK mortgage, however in certain circumstances it can allow an Expat to secure more competitive and flexible mortgage terms than those on offer by an Offshore or International Lenders whom generally do not require a credit check !
Whether you are a British Expat or Foreign National looking to invet in a UK property with the need of a mortgage, then it is NOT essential that you have a credit history or report in the UK. The key reason for this is because most UK and Offshore lenders only require your address history for the last three years. Many expats have been working overseas for at least this time and therefore the finance companies are not able to run a credit check through the likes of Experian and/or Equifax. Obviously Foreign Nationals whom have never resided in the UK do not have a historical credit file and the appropriate Offshore banks and lending institutions
It is no secret that the Internet has changed the way future homeowners obtain their mortgages. In the same vein, it is also a well known fact that the online marketplace is seeking to woo the business of those in need of a refinance for their exiting loans. Like with any other online business venture, online mortgage lenders and even heavily marketed refinance offers are not always what they purport to be and the homeowner will be wise to be very careful before signing on the dotted line.
Thus far the best way of doing business online for the homeowner wanting to refinance is to contact the well known lenders and see what their refinance products are. Some, such as e-Loan actually work with different lenders and will find you the best deal possible. Individual mortgage lenders also offer online application processes, and it is up to the buyer to shop smart and beware.
It is interesting to note that sometimes you will save money by doing the entire refinance process online versus walking into your bank. The reason is obvious: there is less overhead, and the decrease in operating expenses can be translated in better deals when
Compare mortgage rates to help you with this time in your life that can seem very challenging.
Mortgage rates can be something that many people do not take the time to learn more about. This can be unfortunate when they are paying these rates and many people find that they end up paying too much. If you take some time and plan for this process, this can help you to save money.
You want to start this search by finding several companies that you want to do your business with. You can then compare the rates that they provide you with. You will then be able to understand what you are facing with your mortgage.
You should always look at your payment, but you should also compare other items as well. You should find out how long the terms of your loan are. This can help you to put your loan into perspective. You will be able to prepare for the future and you will be more knowledgeable about the process.
You should always understand everything you are presented with. You should never go into anything that you do not understand. Using a broker can help you
One of the basic human requirements is shelter. This is the reason why most people go to such great lengths to build and own their homes. However, seeing as incomes are so low, it follows that not everyone can afford to automatically build and afford the home of their dreams. This is the main reason behind home mortgage loans.
What Are Home Mortgage Loans
Basically, these mortgage loans refer to loans that people take out to enable them buy or build their own homes. More and more financial companies are offering these loans, including banks and other credit firms.
It is relatively easy to own your own home. This is because you will only be required to make an application for home mortgage loans and get the approval you require. After that is done, you will be well on your way to being a proud home owner.
Requirements for Home Mortgage Loans
Still, there are a number of things you need to consider before you apply for mortgage loans. For starters, you should have the ability to repay that loan in the long term. Usually, it will take you around 10 to 30 years to completely pay off your mortgage
Homeowners and homebuyers looking to secure a mortgage on a home purchase or to refinance in order to take advantage of low interest rates (or to restructure from an adjustable rate mortgage that’s about to adjust to a higher rate) are used to considering options such as a 30 year fixed rate loan or even a 15 year mortgage. However, when current mortgage rates are near historic lows such as we’ve seen in 2010 and into 2011, there are other viable options to take into account.
A 10 year mortgage presents attractive benefits to homeowners and homebuyers in a market with very low mortgage interest rates. This product allows the homeowner to shorten the time in which they can pay off their home loan with principal and interest payments completed in 120 months.
The overall benefit of a 10 year mortgage is that it typically reduces the amount of interest paid on a home loan, resulting in significant savings on interest expenses compared to longer amortizing 30 year fixed rate mortgages or even a 15 year fixed rate loans.
These potential savings in interest expenses on a 10 year mortgage come at a price of higher monthly mortgage payments. Compared