Expats returning home to the UK could be at risk of personal bankruptcy if certain precautions are not taken.
P&P Invest have warned that those who have been away from the UK for some years may run into financial difficulties on their return. Gaining loans and mortgages may prove difficult, while those who are successful have to manage high interest rates.
Lack of UK credit history seems to be the main obstacle, which can be overcome with forward planning. A spokesperson for P&P Invest advises that: “A good way is to consider establishing an offshore account with a bank which has a strong UK presence. This will enable information to be passed between the offshore subsidiary and its UK counterpart, and assist with the underwriting process of your mortgage application."