Can EU nationals still buy property in UK after #Brexit?

With Britain now having officially left the European Union and the countdown for the UK and EU to hash out a trade deal having begun, millions of people on both sides of the Channel are uncertain about how their rights will change in the months ahead. Right now, the rights of UK nationals in the EU and EU nationals in the UK remain completely unchanged until at least 30 December, 2020.

However, after this point, the UK will be considered a 'third' country where EU law will not apply. If you're already living in the UK as an EU national, or are considering buying property in the UK in the future, it's worth knowing what the future legal landscape may look like. Here's what you need to know about EU nationals buying property in the UK after Brexit.

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Can I still buy property in the UK?

In a nutshell, anyone who is not a UK citizen can still buy property in the UK. As has been the case for decades, there are zero restrictions on foreign buyers wishing to enter the UK property market. A huge number of EU citizens already own property in the UK, and the number of EU citizens making inquiries about buying property has actually risen sharply since Brexit, in part due to a weaker pound making housing around 20% cheaper for those buying in euros.

The most common foreign nationalities that buy property in the UK are actually from outside of the EU, with buyers from the US, China, UAE, India, and Russia making up the bulk of foreign buyers. Non-UK buyers are subject to most of the same duties and restrictions are UK nationals. It is worth noting, however, that buyers who are not resident in the UK may face additional hurdles.

Can I get a UK mortgage?

Regardless of which country you are from, there are no legal hurdles or barriers to accessing a UK mortgage should you wish to buy a property. Non-UK buyers also have the same unrestricted access to tools to assist in finding the right mortgage, with free online mortgage advice services like Trussle helping buyers navigate the UK's mortgage market to find a deal with the most favourable and affordable rates. As a non-UK buyer, the mortgage process will be much the same as it is for a UK buyer, and you will be subject to payments such as Stamp Duty in much the same way that UK citizens are.

However, it is common for non-UK buyers with less than two years of residency in the UK to be subject to additional requirements. This often comes in the form of more stringent documentation, and will also often mean having to pay a substantially higher deposit. Of course, if you are a cash buyer or are looking to invest in UK property, then you will face no barriers.

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Will anything change in the future?

There is no sign that the current rules on overseas buyers will change as a result of Brexit. Buyers from every country in the world have always been welcome to purchase property in the UK, including EU citizens. There is very little chance that this will change in the foreseeable future, but watch this space to see what happens.

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