Can a US citizen get a UK mortgage?

Yes, though fewer lenders will consider you. US citizens are reportable under FATCA wherever they live, and the extra reporting leads some UK lenders to decline US persons altogether. Others lend to Americans every week. The task is going straight to them.

Why does FATCA make a difference?

FATCA requires foreign banks to report accounts held by US persons to the US tax authorities. Some UK lenders would rather not take that on, so they turn US citizens away, particularly those living in the US. Lenders that do accept US clients will usually ask for a W-9 form alongside the normal documents.

This applies to US citizens and green card holders, including those who’ve lived in London for years.

Does it matter whether I live in the US or the UK?

A great deal. If you live and work in the UK, you’re assessed much like any other UK resident, with a few extra checks. Choice is wider and pricing closer to the mainstream.

If you live in the US and want a London flat or a base for family, the list is shorter. Expect a larger deposit, often 25% or more, and a lender that’s comfortable with dollar income.

Will my US credit history count?

Usually not directly. UK lenders rely on UK credit files, so a long and spotless US history won’t show up. Some lenders accept other evidence instead, such as bank statements and proof of income. A UK bank account and a few months of UK address history can help if you’ve recently moved.

How do lenders treat dollar income?

Many apply a haircut to foreign currency income. On a $400,000 salary, an 85% assessment counts $340,000 before conversion to sterling, though the reduction varies by lender. Bonus and stock awards are common for Americans in finance, law and tech, and they need a lender that will count them. Our article on borrowing on bonus, RSUs and carried interest explains how.

What about tax on the US side?

The US taxes its citizens on worldwide income and gains, which can affect UK property in ways a UK buyer wouldn’t face, which can include a currency gain when a sterling mortgage is repaid. Speak to a cross-border tax adviser before you buy. We don’t give tax advice, but we’ll work alongside yours.

How do we help American clients?

We know which lenders accept US persons, what each one asks for, and how to present dollar income and equity awards. We work by video call and phone across time zones. Start with our international mortgages page or the international mortgage application.

Frequently asked questions

This article is general information, not advice. Your home may be repossessed if you do not keep up repayments on your mortgage. Changes in the exchange rate may increase the sterling equivalent of your debt. The Financial Conduct Authority does not regulate tax advice. Some buy-to-let mortgages are not regulated by the Financial Conduct Authority.