UK MORTGAGE REPAYMENT CALCULATOR

Mortgages in the UK: conditions and requirements

Lending conditions for non-residents, as a rule, do not differ from those for residents and currently seem quite attractive: the loan is provided to cover up to 75% of the value of real estate for up to 25 years at a rate of about 3.5% - 5.5% per annum.

UK banks usually have two main requirements for borrowers:

- The borrower must be at least 21 years old and not more than 65 years old;

- The borrower's annual income must be at least £ 30,000, and the amount of mortgage payments cannot exceed 35% of monthly income.

To apply for a loan, you must provide at least the following documents:

• A copy of the borrower's passport;
• Statement on the movement of funds on the bank account for the last six months;
• Tax return and income statement for the last three years;
• Confirmation of the place of permanent residence of the borrower. These can be utility bills for the last three months;
• Documents confirming the borrower's regular income or the availability of free funds and assets in the amount of at least £ 1,000,000;
• Documents may be required explaining the sources of the borrower's income.

Additional expenses