Mortgages

What is an expat mortgage?

Expat mortgages are loans specifically made for people living abroad who want to buy property in their home country or another foreign country. These mortgages often have far stricter criteria since lenders usually see expats as high-risk borrowers. This is because their income is usually earned abroad, making it harder to verify. 

If you want this kind of mortgage, you’ll usually need a larger deposit and might face more documentation requirements to prove your income and financial stability.

What happens to my mortgage if I leave the country?

If you move abroad but still own property in the country your mortgage is based in, you’ll generally still need to continue making payments. Some lenders might let you switch to a different mortgage product or give permission to rent out the property. Make sure you communicate with your lender about any changes to your residency status.

How much deposit do I need to pay for a mortgage abroad?

It can vary widely depending on the country and lender. Typically, it is between 20-40% of the property’s value, and the more you pay upfront, the higher your chance of securing the mortgage. Keep in mind that additional costs, like tax and legal fees, could also apply. It’s definitely worth researching the specific requirements of the country where you’re buying.

What are the minimum requirements for getting a mortgage abroad?

Each country has its own requirements, but good credit scores, stable incomes, and a deposit (usually 20-40% of the property’s value) are generally universal. Make sure you check local laws and residency requirements, too. Some lenders may want proof of income and assets, as well as details about the property.

Can I use my credit card to get an overseas mortgage?

Whether domestic or overseas, you generally can’t use a credit card to pay for a mortgage directly. Mortgages typically require a deposit paid through your bank account or other verified funds. You could use your credit card for other costs, like property fees or furnishings, but they aren’t a standard payment method for mortgage deposits or payments.

How do I check my mortgage health?

Start by reviewing your:

• Current interest rate 
• Monthly payments
• Remaining balance

If you’ve been paying your mortgage for a few years, it might be worth checking if you’re eligible for a better deal. This is especially true if interest rates have dropped during that time.

How do I know if I’m eligible for a mortgage?

It depends on a handful of factors; lenders will assess your:

• Credit score
• Income
• Employment status 
• Size of your deposit
• Debts
• Living expenses
• How much you want to borrow

Each lender has different criteria, so it’s worth using a tool like Upscore to help ensure you’re eligible!

Can I get a mortgage if I’m self-employed?

You can, but the process can be a bit different. Lenders need at least two years of accounts or tax returns to prove your income and may also look more closely at your financial stability. This could mean providing additional documentation, from bank statements to contacts. Having a good credit score and a substantial deposit massively helps your chances.

How do I compare mortgages with Upscore?

You can easily compare mortgage options across multiple countries by filling out a short form on our platform. We use your details to connect you with mortgage offers suited to your financial profile and location preferences.

This means you can quickly see which lenders are available and what terms they offer, so you’re able to choose the option that’s right for you. Plus, you can rest assured that our comparison is both transparent and free of charge!

Can I repay my mortgage early?

You can in most cases, but it’s crucial to check if there will be any early repayment charges (ERCs). Some lenders allow overpayments (up to a certain percentage of the loan) each year without penalties, while others will charge you a fee. Paying your mortgage off early definitely reduces the amount you’ll pay (in interest), but not if you’re charged a litany of fees.