Mortgage Calculators for Expats
If you're an expat wanting to buy a property, you may wonder how much you can borrow. An expert mortgage broker can help.
Firstly, are you an Expat currently living aboard?
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If you’re living in the UK as an expat, and want to buy a property, you will likely want a mortgage to fund the purchase. Knowing how much you can borrow is helpful before any property search, plus it’s good to see how your expat status could affect your application.
Here, we look at whether there are any mortgage calculators available, specifically for expats, and how you can calculate your potential monthly repayments. We also explore if buy-to-let products are calculated any differently and how a broker can help your money go further.
Are there specific mortgage calculators for expats?
No, not specifically. There’s no need as mortgage providers (if you’re planning on using one based in the UK) typically calculate these loans, using the same criteria and income multiples for expats, as they do for UK citizens.
To get a rough estimate of what you could borrow, use our mortgage affordability calculator:
Mortgage Affordability Calculator
Our affordability calculator can tell you how much you can potentially borrow from a mortgage lender. Simply enter your total household income below and our calculator will do the rest.
You could borrow up to
Most lenders would consider letting you borrow
This is based on 4.5 times your household income, the standard calculation used by the majority of mortgage providers. To borrow more than this, you will need to use a mortgage broker to access specialist lenders.
Some lenders would consider letting you borrow
This is based on 5 times your household income, a salary multiple you might struggle to qualify for without the help of a broker. This income multiple is not widely available to customers who are applying directly with a lender.
A minority of lenders would consider letting you borrow
This is based on 6 times your household income, a salary multiple you will struggle to get without a broker. Six-times salary mortgages are usually only available under very specific circumstances.
Get Started with an expert broker to find out exactly how much you could borrow.
In general, providers use an income multiple between 4-4.5 times to calculate mortgage amounts. However, while some may go higher, when it comes to expat mortgages, it is unusual to find a lender willing to go above an income multiple of 5 times. A broker can help you if you need to borrow more than this, as their market knowledge will identify any potential lenders happy to go to this level given other criteria in your situation.
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How to calculate your monthly repayments
Your expat status doesn’t affect what you pay each month. Instead, repayments depend on
- what you originally borrowed,
- the interest rate you secure
- and your loan’s term length.
The lower the amount and the lower your rate, the less your repayment will be. When it comes to term length, if you make it longer, your monthly repayments will be reduced, but the amount of interest you pay over the life of the loan will be more.
You can use our mortgage repayment calculator below to help get a better idea, quickly, of what your payments may be:
Mortgage Repayment Calculator
Our mortgage repayment calculator can tell you how much your mortgage will cost you each month and overall. Enter the amount you’re borrowing, the term length and interest rate, and our calculator will do the rest.
Total amount paid at end of term:
Get started with an expert broker to find out how much they could help you save on your mortgage repayments.
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How an expat mortgage broker can help your money go further
The mortgage market is vast in the UK. Even as an expat, you’ll likely have a large amount of choice when it comes to securing a loan. However, it’s still crucial to make your money go as far as possible so you borrow the amount you need at a rate you can afford.
Using a broker is a shrewd move as they use expert knowledge to take into account all factors in your application (including you being an expat), before suggesting a suitable, potential provider. Their suggestion will ensure you apply for a mortgage that maximises your borrowing while minimising your monthly repayments. Your money goes further as a direct result of their experience in the market, plus they may also have access to better deals that are otherwise not available to the general public.
Contact us by making an enquiry here so we can put you in touch with a specialist expat broker.
How expat buy-to-let mortgages are calculated
Even though you’re an expat, you’ll attract the same terms and conditions on a buy-to-let mortgage as a UK resident so they’re not calculated any differently.
These products often come with a higher interest rate when compared to standard residential mortgage products and you’ll likely have to have a larger deposit to lower your loan-to-value ratio. They can therefore be tougher to secure, but it’s definitely possible – especially with the help of a broker.
To get an idea about how much you could borrow for a buy-to-let property, try our calculator below:
Buy-to-Let Mortgage Calculator
Our buy-to-let mortgage calculator can show you how much your mortgage could cost you each month and overall. Simply enter the rental property value, deposit, anticipated monthly rent, interest rate, mortgage term and our calculator will do the rest.
Capital and repayment:
Loan to Value ratio (LTV):
Most lenders won't offer buy-to-let mortgages over a LTV of 80%.
Interest Cover Ratio (ICR):
Most lenders require rental income to be at least 125%-145% of the interest repayments for a buy-to-let mortgage.
Get started with a specialist buy-to-let broker to find out how much they could help you save on your monthly mortgage repayments.
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Will the calculations be any different if you’re buying an overseas property?
If you’re buying a property outside of the UK, you’ll need a specialist overseas mortgage. Calculations for maximum loan amounts and monthly repayments are different as a result, with many different factors and variables affecting your final application. For example, mortgages in Spain will often attract a variable rate rather than a fixed rate.
Get matched with an expat mortgage specialist
While getting a mortgage on your own as an expat is not impossible, using a broker is beneficial as they can help you identify the most suitable provider for you – and quickly. They help improve your chances of being approved, first time, for a loan that you can afford and for the amount you need. Their knowledge can also open up more options of providers for you, giving you more choices for your final application.
Our free, no-obligation broker matching service can help put you in touch with an expat mortgage specialist. Call us on 0808 189 2301 or make an enquiry here so we can connect you.
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