mortgages for FCDO & CROWN SERVANTS
WITH OUR EXTENSIVE EXPERIENCE WORKING WITH FCDO EMPLOYEES AND THEIR FAMILIES, WE ARE WELL PLACED TO SECURE YOU THE MORTGAGE YOU NEED
Great news! You can absolutely purchase a property on a residential mortgage and get consent to let the property while you’re living overseas. Simply Mortgages work with lenders who will consider Crown Servants working abroad as being in ‘tied employer accommodation’, which means that they’ll allow you to let the property from day one of the mortgage! As long as it’s your intention to return back to the UK and live in the property at some point in the future, you’re all set. Don’t let distance hold you back from owning your dream property and generating income from it – our team is here to make it happen for you.
You can purchase a property with as little as a 5% deposit. However, if you’re able to achieve a 10% deposit, you may be eligible for even better interest rates. Remember, it’s important to be aware of all the costs involved beyond just the deposit. Fortunately, our team of experienced advisers is here to help. They can provide you with comprehensive information about all the costs associated with buying or selling a property, as well as remortgaging. We are here to help you make the best decision for your financial situation and guide you through the process
Absolutely! Our team is knowledgeable about high street lenders who recognise Crown Servants working overseas as being in ‘tied employer accommodation’. This means that if a lender considers your situation in this way, they’ll provide consent for you to let the property if you have plans to return to the UK and live in the property in the future. Simply Mortgages can help you navigate the process of obtaining consent to let your property while living overseas – contact us today to get started!
IF MY FAMILY EITHER CURRENTLY LIVES OR DESIRES TO LIVE IN THE PROPERTY WE'RE INTERESTED IN PURCHASING, IS IT STILL POSSIBLE FOR ME TO OBTAIN A MORTGAGE WHILE BEING BASED OVERSEAS?
Definitely! Lenders generally prefer properties that are being occupied by family members rather than rented out. As we’ve previously mentioned, Simply Mortgages is aware of lenders who recognise Crown Servants based overseas and consider them to be in ‘tied employer accommodation’. When viewed in this light, these lenders will allow you to reside overseas while your family remains in your UK property. Let Simply Mortgages help you find the right lender to accommodate your unique situation – contact us today!
IS IT POSSIBLE TO INCLUDE MY COST OF LIVING ALLOWANCE (CoLA) INCOME IN THE MORTGAGE ASSESSMENT PROCESS?
Unfortunately, lenders typically view cost of living allowance (CoLA) income as temporary, so they won’t take it into account when assessing your affordability for a mortgage. However, some lenders may consider your ‘Diplomatic Service Allowance’ if it’s displayed on your pay slips. Simply Mortgages can help you find lenders who can work with your unique financial situation.
Over a number of years, Simply Mortgages have arranges large numbers of mortgages with FCDO staff and fully understand the complex nature of your situation.
We have run several webinars in partnership with the DSFA (Diplomatic Servies Families Association) explaining the process to obtain a mortgage. Most importantly we are able and willing to help FCDO employees no matter the situation.