How Can A Foreigner Buy A House?

django_2

Hi, I'm am a non-EU resident in UK . My mother who lives in her own country has got a saving for about 100k and she is interested in buying a house over here. The thing is she has not any english bank account nor credit cards so i'm just wondering is there is any way that she can get a mortgage to buy a house when she is not resident here? How do foreigners buy a house in UK do they pay in full? Correct me if i'm wrong, I can get a mortgage as i'm resident here and have good credit and buy a house on her name with her deposit if she likes? Any tips is much appreciated. Cheers

continualdiamond

Even you may find it hard to get a mortgage.

I can say from experience, Northern Rock will require a 25% deposit from people outside the EU.

Im from Australia and even though i have connections with the UK (My Mum is British) and i can live/work here as long as i like, Northern Rock considered myself to be a risk borrower, even though i have been here 3 years.

You'll just have to have a good look around. I went through mortgage brokers who didn't even realise Northern Rock were like that. Some companies are quiet happy if you have envidence (visa etc) to say you can live here for however long. I had to show my Australian passport with my right of abode proving i could live in the Uk with no time scale attached.

robwend

my husbands canadian yourl have no problem as long as your passport is stamped that you the right to come and go with no restrictions, as the above mentioned, of course its a little more complicated but not impossible. our mortgage is with the woolwich and apart from having to send off his passport for them to photocopy the stamped page it went fine

django_2

Thank you guys for your replys. My undrestanding is (in my case) if you are a Foreigner and you have a valid visa you can buy a house if you have 25% as deposite? (I assume you need to have a proof or something that you are able to pay the rest from your own country) Can any one else advise on that? Is there any other way or any other deal ? How can i find out more about this? Many thanks

Jay1b

Where are you from? That may affect things as well.

wigginsmum

Depending on where you and she are from, expect hugely stringent antimoneylaundering checks, particularly if you're paying cash. Anything over EUR 15,000 triggers a 'reportable' amount and they will delve into everything to establish the source and purpose of the funds. Cash transfers from a non-EU bank to a UK bank are a popular way of criminals trying to get 'dodgy' money into the UK banking system to turn it into 'clean' money so all parties involved will be asking a lot of questions, even though your money is legit.

Typical identity checks would include a copy of your passport certified by a professional person and proof of your address ie. a utility bill. The onus on antimoneylaundering checks on financial institutions is now moving to a risk-based approach (as opposed to a standard procedure one-size-fits-all), thanks to the FSA's recommendations, so a New Zealander would probably find it easier than say a Nigerian or a Russian.

UK007BullDog

She wont be able to buy a property in the UK as she is not resident here. However if you have all required documents you could buy a property in your name (if she trusts you).

You need to have a long visa left to stay in this country, at least 1 year. up to 25% deposit of purchase price (there is a limit though on how high you can go up to about £500,000, or you need a higher deposit). Or indefinate right to remain in the UK works well. They would like to see you having lived here for 3 years and worked if possible without too much personal movements, i.e. 6 months here, 3 months elsewhere. They like to see people with a solid responsible living style. Then you can get the same deals as UK nationals. If your visa is less than 1 year but due to be renewed and if you are a professional like Doctor, solicitor accountant, engineers or some other highly skilled person (then the renewal is nearly 100% guaranteed) the lenders will fall backwards over themselves to give you a mortgage.

However you mom could buy a property using pure cash in her name but not get a mortgage.

There are more lenders than just northern rock who will lend on Visas. Best is to find a broker and give them your whole history and they will find the best deal for you.

HTH

django_2

UK007BullDog wrote:

She wont be able to buy a property in the UK as she is not resident here. However if you have all required documents you could buy a property in your name (if she trusts you).
HTH

Thank you guys for your replys. UK007BULLDOG my intension is to buy a property on her name. From what i've read from you guys i get this : She can not buy a house as she is not resident here unless she pays cash in full?

UK007BullDog wrote:

You need to have a long visa left to stay in this country, at least 1 year. up to 25% deposit of purchase price (there is a limit though on how high you can go up to about £500,000, or you need a higher deposit). Or indefinate right to remain in the UK works well.

HTH

I've been here for about 7 years and have indefinate right to remain in uk . Here is the question again: Can i buy a property for my mom and on her name who is not resident here. (Obviously she trust me so she can put the deposite on my account and the whole process will be through me but the property will be on her name. Does it make sense? Any other advise or comments? any tip is much appreciated. Thanks