If you are a UK resident, but staying abroad, then you might find it difficult to get a loan if you are on a foreign income. While some lenders might be skeptical about giving you loans, there is a small percentage of lenders who will be willing to help you out on the same.

Relying on Independent Brokers

Finding the right lender whether you are an ex-pat, or a self-employed director of a company can be frustrating. With so many loan companies on the market, searching for credible ones proves to be a challenge. You need to take some time out in searching for companies that are willing to help with loans and research their profile thoroughly.

If you do not have time to research, you can rely on Right Mortgage UK company, headquartered in Harrogate, Yorkshire, England to offer you the right financial solution. As a company director of your business, you might have knocked on so many doors for loans only to be affirmed in negative. Their team of professionals will listen to your requirements and based on the scenario offers you unique financial solutions.

Many banks do not allow you to secure loans if you have a bad credit rating or have variations in your annual turnover.

Your limited company is eligible for a loan if you fulfill the below criteria:

• You own a residential property
• Your business annual turnover is at least £60,000/ year
• You are in trading for at least 2 years
• You and your partners are above 18 years of age

Now, many companies have a cap on the loan amount you can borrow. This can vary depending on several factors such as your company’s annual turnover and the size of your business. Business loans prove to be an excellent choice if:

• You wish to diversify your business portfolio
• Want to improve your cash flows
• Plan on renovating your business premises
• Want to purchase equipment and machinery for new departments
• You want to spend on promotional activities to improve your brand image

If you are unsure of what loan to apply for, it is always better to go in for unsecured loans. The advantage of this is that you need not have to pledge your assets to secure the fund. When applying for loans, you need to furnish documents such as your company registration details, years into operations, and the loan amount you are looking for.

Mortgage Loans for Expats

If you are a UK resident living abroad, then you might need to submit the below proof as documents:

• Employers’ details along with 1-year pay slips
• Proof of UK residency
• If you are self-employed, a letter from the tax department
• Property details you are interested in

Ensure that all the documents are furnished in English. Now, what if you are not a UK resident, but still wish to apply for a mortgage? In such situations, you need to show that you have been living in the UK, for at least 2-5 years, with a valid work permit along with an active UK bank account.

Conclusion

Specialist lenders can be a boon if you are an ex-pat or self-employed. They tend to adopt a flexible approach when it comes to offering loans that other lenders, thus paving way for you to get hassle-free loans.