How hard is it to get a UK mortgage?

If you have been living abroad for three years or longer, then it is likely that you will experience difficulties when trying to find a mortgage provider who is prepared to lend to you. This is because expats are often perceived as representing a high borrowing risk.

Under the provisions of the Mortgage Market Review- a regulatory overhaul introduced in 2014 to eliminate risky or irresponsible lending practices within the mortgage sector-affordability requirements are assessed at increasingly stringent levels. This means that lenders will consider all applications on the basis of a complete financial picture, taking outgoings as well as income into account. Debts or regular expenses (relating to childcare, subscriptions, mobile phone contracts, energy bills, loans, health care and a whole raft of other spending factors) are deducted from total incomes, thereby driving down overall
earning potential as well as possible loan amounts. Moreover, all financial details will need to be verified by the lender (meaning that self-assessment is no longer accepted).