Mortgage advice for foreigners, nothing less than 20% deposit!

Conrad

Lenders need to establish an applicants credit profile via electronic searches. As the OP has only been here 6 months this is impossible. A lender can't simple ignore this need and nothing will circumvent it. For them to lend to someone with only 6 months UK tracability would be a punt / a gamble. For all they know you have huge debts in your homeland, but of course they cannot possibly put in place the means to search every nations databass as the rewards compared to the expense simply would'nt make business sense.

The OP say's they have good incomes, in which case saving 25% should'nt take too long. Live in a cheap rented flat and get saving.

Pincher

Mortgage applications are like CVs, the lenders don't have time to go through them individually. For people with non-standard profiles, applying to big lenders with automated scoring is butting your head against a brick wall. There are lenders out there who will take on non-standard cases, but they expect a broker to have filtered out the unsuitable cases, otherwise every crazy property wannabe will be calling them up, begging to be considered.

milan_ns

Jonbvn wrote: »

I am a Brit by birth. When we bought our house in the UK a few years back (before the recession) when I was working overseas. Due to this, we required 25% deposit.

I do not see banks relaxing such requirements.

Well, before the credit crunch even foreign students used to get mortgages with little to no deposit. I know this for a fact.

Now, while this will probably not happen again (any time soon anyway), I expect banks to relax the deposit requirements as the risk subsides (when economy picks up and property prices stabilise).

VIGILANT22 wrote: »

At least you have the opportunity here, I have worked in many parts of the world where if not a national you could not own property in the country.

I'm not complaining, merely pointing out that I'm in the same boat as the OP. Property buying rights are regulated by bilateral agreements between countries. In this day of age, anyone with money can buy property in pretty much any part of the world.

PBA

milan_ns wrote: »

Property buying rights are regulated by bilateral agreements between countries.

No they aren't. Anyone, a national of any country, is legally entitled to buy property in the UK. There are no bilateral rights for that.

For the OP, I think it's more the current financial situation rather than specific rules for foreigners that it causing your problem. As long as you have entitlement to work in the UK permanently then you should be able to get a mortgage with 10% deposit, although the rate will be high.

VIGILANT22

[QUOTE=milan_ns__Property_buying_rights_are_regulated_by_bilateral_agreements_between_countries._In_this_day_of_age,_anyone_with_money_can_buy_property_in_pretty_much_any_part_of_the_world.[/QUOTE]

What rubbish ( bilateral agreements between countries)

Anyone with money can buy property in pretty much any part of the world.
Not the case particularly now advisers/lenders/banks run global checks on the PEP database

Jonbvn

milan_ns wrote: »

Well, before the credit crunch even foreign students used to get mortgages with little to no deposit. I know this for a fact.

It is therefore not surprising that the banks who did lend to such borrowers had to be bailed out by the taxpayer. Such reckless lending is very unlikely to happen again in the foreseeable future.

Interestingly my lender (HSBC) has always operated conservative lending practices, generally requiring good deposts, and did not need taxpayer money.