Advice

Can I lose my British residency if I move abroad?

Moving abroad doesn’t automatically mean you lose your British residency. That said, you might be classed as a non-resident for tax purposes if you’re away for a long time. Your citizenship remains, but staying connected to the UK is important if you want to maintain residency benefits like healthcare.

Can I keep my UK mortgage if I move abroad?

Usually, but you still need to inform your lender. They might change the terms if you’re no longer living in the property and could even convert it to a buy-to-let mortgage if you rent it out. Some lenders also offer expert mortgage products if you fancy buying another property in the UK.

Do student loans affect your mortgage?

Student loans can affect your ability to secure a mortgage, but not always negatively. Lenders take your debt-to-income ratio into account, so your monthly student loan repayments will factor into this. If your loan payments are low and your income is stable, chances are you should get a mortgage without any hassle.

Higher monthly payments, however, can reduce the amount you’re able to borrow. You need to disclose your student loans upfront in order to avoid any issues later in the process.

Can I buy property if I work abroad?

Absolutely – the process slightly varies depending on the country, though. You’ll first need to meet the legal and financial requirements of the country where you’re purchasing property, which includes securing any financing. Some countries have restrictions on foreign buyers, so you’ll need to research these in advance, too.

If you need a mortgage, international banks or lenders who specialise in expat financing should be able to help. Finally, there are currency exchange risks and tax obligations you’ll need to manage, which can be complicated when dealing with multiple countries.

Should I move abroad?

It’s a major decision that depends on your personal and professional goals in life. You’ve got factors like quality of life, healthcare, and language barriers in your target country that are worth considering, as well as leaving your family and social life behind. 

If you’re relocating for work, weigh the career benefits against the challenges of adjusting to a new culture. A trial visit or temporary move there can be helpful so you know it’s right for you in the long term. Sometimes we just need a brand new challenge in life or are fed up with the current routines we have, so moving to a new country can definitely offer a new lease of life.

How do I save for a mortgage?

1. Set a clear goal for your deposit and associated costs
2. Open a dedicated savings account and create a budget to track your income and expenses
3. Cut back on non-essential spending
4. Consider setting up recurring payments into your savings account each month after you’ve been paid
5. Government schemes like Help to Buy ISAs can also be helpful if you’re eligible.

How do I buy my first overseas home?

1. Look into the property market in the country you’ve chosen. Learn its local laws and find a good real estate agent
2. Figure out financing options, like mortgages or international banks
3. Don’t forget additional costs like taxes or legal fees

It can help to visit the area beforehand so you can make a more informed decision.