Mortgage foreign nationals

babyharry5

Kash1973 wrote: »

Yes, thanks I understand that is what I'll have to do now. The problem is that if my bank has stood me down, what chance do I stand elsewhere!

Dont get at all downhearted that HSBC have turned you down!

We have a premier account as well with HSBC ,and also have our current mortgage with them. We have a £5k overdraft facility - we have never used - and x 2 cc facility of £10k each - which currently stand at zero and have always been cleared each month.

Our mortgage has been repaid by dd each month and when we moved to them 3 years ago they could not do enough for us.

We applied for a new mortgage 2 months ago - moving for husbands job) but because amount over £500k and was a new property, they would not even entertain the idea ( even though putting down £170k)
the fact that our credit rating is excellent, we have our bank account and current mortgage with them, no other debts, they would not budge.
Obviously we went elsewhere and received a formal mortgage offer within the fortnight.

Since then, HSBC have constantly been on the phone, trying to get us to reapply and said that they are confident that they can now help!
we have declined them

Just remember how they treated you for any future dealings

Kash1973

Thanks a lot ''babyharry5''
So there are other people affected by HSBC's arrogance. I've also never used my overdraft facility and have an excellent credit rating. I was putting up 125K as down payment on the house and they couldn't understand that I would only be completely mad to invest all my savings if there was any threat of my having to leave the country.
London & Country (L&C) have yesterday found me a similar lifeterm tracker (1.99% plus base rate) with Woolwich/Barclays. L&C are 99.99% sure that my immigrant status will have no bearing on Barclays underwriters' decision- but we will learn the outcome on Monday or Tuesday.

Having some second thoughts about L&C though, as despite recommendations here and elsewhere, some individual reviews do mention their experience of poor service, delays in processing and frustration at change of personnel handling their applications.
Any advice on Barclay/Woolwich mortgages and also about L&C's services.
So far I am quite happy with them.

oli_ro

L&C were excellent when I dealt with them. I was in a similar situations, EU citizen with no permanent residence and it is this kind of application were its worth to go through a broker.

They called directly account managers/underwriters with different lenders who really knew the rules(not customer service reps who have a "computer says no" attitude) and found me more than one lenders who were ready to take my case with no fuss.

herbiesjp

If you package the case correctly for Woolwich, the cases cab go through quite quickly.

However, miss out even the smallest of details, and it gets put back to the queue over and over again until it is all resolved. Even if you send through the correct details, these can end up in Woolwich fax black hole which sometimes makes the clearest of faxes illegible at their end, hence a new request for information you have already sent through.

All of these types of cases need pre-agreeing with Woolwich - but I'm sure L&C know what they should be doing and advising you accordingly.

Kash1973

Thanks ''herbiesjp'' for your help. Having gone through the HSBC application recently, I believe Woolwich will probably need the same kind of information. A slight disadvantage being that HSBc already had a lot of supporting information as I've always banked with them.

L&C've told me that the whole process from mortgage application to acceptance, then valuation/survey and to the final mortgage offer will take around a month.
I hope there are no further delays due to L&C's handling and the bank's red tape.

singlav

Seems like I've a case quite similar to yours.
- Am a non-UK, non-EU national
- Have been in the UK for 3.5+ yrs
- Eligible for permanent residency late next year
- First time buyer
- Ready to pay a deposit of 25~30%

I haven't taken advice from any brokers yet, but some initial research on their lending policies tells me that:
- A/L and Santander seem to say NO to non-UK nationals
- C&G (and thus, possibly Lloyds TSB) also seem to say NO to non-UK nationals
- HSBC (and thus, possibly First Direct) ask for 2+ yrs time visa run from app-time
- Woolwich (Barclays) seem to be ok if applicant has been resident for two years and have been a UK tax payer during this timeframe
- Halifax are ok if 2.5+ yrs time visa run available or if not, a confirmation from employer that they would apply for renewal
- ING Direct just mention that applicant should have legal right of residence, but do not state legal right of permanent residence. So, they might be Ok as well.

Generally speaking, Halifax and Woolwich seemed to be the two most 'understanding' lenders. I haven't approached either as I have not finalized a property. But I would be trying Woolwich first for an AIP (I bank w/ Barclays)

Ofcourse, would be great to hear your experience with Woolwich (as with LC) and any tips you might be able to share.

Thx

Kash1973

Hi Singlav
I am posting all documents to L&C tomorrow who'll then pass them on to Woolwich for the 'big decision'.
It is strange the way Woolwich work- an email arrived from them today stating they had organised home valuation and later the advisor at L&C also confirmed this. This was Woolwich's way of giving us an AIP!
I'll update you as soon as I learn anything...

El_mag

Hi,
I am almost in the same boat. Recently spoke to HSBC and credit check etc. all done. I also have less than 2 yrs to go on Tier1 General till I get ILR. Will send the papers in and find out although I did mention it at the outset about my visa status. First direct said at the outset that they needed ILR.

Will wait and see their answer. Please keep the thread updated how it proceeds with L&C.

Cheers

singlav

Kash1973 wrote: »

Hi Singlav
I am posting all documents to L&C tomorrow who'll then pass them on to Woolwich for the 'big decision'.
It is strange the way Woolwich work- an email arrived from them today stating they had organised home valuation and later the advisor at L&C also confirmed this. This was Woolwich's way of giving us an AIP!
I'll update you as soon as I learn anything...

That was pretty fast; wasn't it. Anyways, all the best with your app.

Jonbvn

Kash1973 wrote: »

So there are other people affected by HSBC's arrogance.

You may have noticed that several of the large banks have been bailed out by the gov't. HSBC was not one of them, primarily due to their conservative lending policies.

HSBC are not being arrogant. They just have conservative lending policies. You cannot abuse them for due diligence.