Britain is in a state of chaos. Not because it is leaving the EU, but because no one knows anything. The only thing that seems to be set right now is that EU nationals will have the right to remain and live in the UK with full benefits. Whether this will change in the future or not will remain up for debate.
The uncertainty of Brexit, however, should not mean that EU nationals need to refrain from buying a home. This is especially true if you were planning on it for a long time. If you live in the UK, then the UK is your home and you can use the uncertainty to your advantage if the housing market takes a hit.
Take Advantage of the Brexit Chaos
Brexit has meant a lot of companies and nationals have left of their own accord, which has put the UK’s economy into a tailspin. This uncertainty in particular has not been kind, which is where an opportunity can lie if you have the savings and ability to act on the housing market at a moment’s notice.
Foreign Buyers Rights
Of course, the uncertainty means that many are unsure of their rights to even buy a home. Thankfully, you can. Foreign buyers invest in properties in the UK all the time, and should the rules change you will still have the same rights as these foreign investors.
Right to Own a Home
Foreign buyers have the right to buy and own a home for their own private use in the UK.
Right to Rent Their Home
Foreign buyers also have the right to buy and rent out a property in the UK, though taxes and stamp-duty for buy-to-let properties are quite high. If you can buy a property outright, this is ideal.
EU Nationals Living in the UK vs. EU Nationals Living Outside of the UK
Things will be different whether you are living inside the UK or outside of it. It will also change depending on which currency you make money in. If you earn it in euros, then the currency exchange rate is also going to impact your buying options, for example.
Living in the UK
If you live in the UK, have applied for leave to remain and received a successful application, then you have all the same rights as a UK citizen when it comes to buying a home, including applying for Help to Buy or shared ownership. All you need is a help to buy conveyancer and the minimum 5% deposit. With these, you will be able to jump on an opportunity the moment it presents itself.
Living Outside the UK
In recent years, securing a mortgage or loan has become increasingly difficult for non-British property buyers living abroad. Several banks led by RBS and NatWest have stopped giving mortgages. The current advice to EU nationals is that if you are considering buying a property in the UK for investment, make sure that you can pay for it in cash as this will be much easier.
