UK Finance for Bermuda Residents
Types of UK finance for Bermuda residents
-
Moving to the UK
Securing a UK mortgage when relocating from Bermuda can seem daunting, especially with differing criteria around income, residency and credit history. We work closely with lenders who understand cross-jurisdiction moves and can support Bermuda residents looking to purchase a home as they transition to life in the UK.
-
Buying a Second Home in the UK
Many Bermuda residents look to the UK for a second home whether for family, convenience, or lifestyle. Although lending rules differ for offshore applicants, we have access to lenders who are comfortable assessing your circumstances and offering competitive options for second-home purchases.
-
Investing in UK Property
The UK remains a popular investment destination for Bermuda-based clients, but buy-to-let and investment mortgages can come with additional layers of complexity. With strong relationships across specialist and mainstream lenders, we help investors structure applications effectively and secure suitable UK mortgage finance from Bermuda.
Frequently Asked Questions by Bermuda clients
-
Not at all, the type of lenders which help international residents with mortgages in the UK are familiar with and accept many currencies. It isn’t all about income either, many lenders can take into account your assets as well as your income to help justify a loan.
-
No, there are lenders who can credit search internationally, and some which require no credit searching at all to lend.
-
There are four main types of lenders for the UK, not all of which can lend to international clients living outside the UK
- Highstreet Lenders – typically focus on straightforward lending scenarios and may have limited appetite for overseas income or complex international circumstances.
- International Banks – There is a small subset of banks which already operate internationally and can lend to clients in select countries they already operate within
- Specialist UK Lenders – some of which specifically target this business, this includes regional building societies
- Private Banks – generally for £1m+ loans and high net worth clients, we often work with private banks to secure finance for international clients.
-
The requirements to finance international clients are much the same as those required by UK nationals domestically, lenders want to see they are lending to those with a good client profile so review:
- Worldwide income / tax residency
- Currency of income
- Employment status and structure of income (employed, self-employed, partnership or company ownership)
- Many lenders have minimum income requirements, often starting around £50,000 per annum, although this varies considerably between lenders.
- Location of the client – with higher risk jurisdictions having fewer options
- Deposit source
- Affordability of the loan vs international committed expenditures
- If a rental property – is the rent sufficient to cover the mortgage at a margin
-
Generally the minimum is 25%, however there are some circumstances where 20% is sufficient. The larger your deposit generally the greater the flexibility and better the rates lenders will offer.
On top of deposit funds you should consider costs like:
Stamp duty (with potential overseas and second home additional rates)
Legal fees - Often £3,000-£5,000
Our fees - Often £1,500-£2,500 on a case like this
Survey costs - around £1,000-£1,500
Mortgage valuation fees - Usually £500-£1,500
Costs to furnish or let a property.
-
Due to the additional underwriting, compliance and currency considerations involved, specialist international mortgages can be priced slightly above equivalent UK domestic mortgages.
As many countries have higher interest rate environments than the UK we often find clients pleasantly surprised by the cost of finance.
The premium payable has reduced in recent years with lenders generally becoming more competitive, so it might be the rate only sits 0.5-1% higher than a “typical” UK mortgage.
We do not charge to review your options so please do get in touch to find out more precisely.
-
Yes, generally a UK bank account would be required as the mortgage would usually need to be paid from a UK account.
There are some lenders that will help set you one up as part of the process, or it may be if you already bank with HSBC or Butterfield they would help you set up a UK account.
-
If you would prefer to contact us directly you can make contact here:
Or on the “Who we are” page you can book directly into a brokers diary
-
To review the mortgage we can usually base things on just a conversation, documents are then required when we apply for the mortgage.
Usual documents required:Passport - certified by a Notary
Proof of address - certified by a Notary
Proof of income -
Employed - Payslips, annual pay statements, and sometimes a letter from your employer - we will guide you through depending on the lender.
Self Employed - Accountants letter and any filings to evidence income
Proof of wealth - if using this to help justify the mortgage
Proof of deposit
3-6 months bank statements for all accounts held internationally
3-6 months credit card statements for all cards held internationally
-
The legal process of purchase in the UK is complex, more complex on leasehold properties (usually apartments) then on freehold properties, but it isn’t unusual for a purchase to take 4-6 months.
It would likely take 4-6 weeks to secure a mortgage offer from application.
The mortgage is only applied for once a property is identified.
Get In Touch
The best way to understand what your mortgage will cost is by speaking to one of our expert advisers so please do get in touch today and we’ll soon to able to assess what your payments are likely to be.