Will I get a mortgage from ouside the UK?

swoods59

Hi, I write in the hope that someone might be able to help with my questions about applying for a mortgage.

We are currently in New Zealand and looking to return to the UK in the near future. I am trying to find out whether we would be able to apply for a mortgage from New Zealand and have it in place for our return to the UK?

Are we likely to get a mortgage offer without being in employment in the UK when we apply?

Would we be better off approaching our previous mortgage provider as they will have our history?

We will have a deposit of about £75k and looking to borrow £100k. Prior to moving here in November last year we have had a mortgage for 16 years and both have excellent credit ratings.

I look forward to hearing from anybody that may be able to help.

Thanks, Sandra

herbiesjp

Most UK lenders will want you back and working in the UK in order to get the mortgage agreed.

There are some that will agree the mortgage for you while still in NZ, however you will definitely need the help of a good broker to advise and help with this.

How long have you been outside of the UK?

Have you maintained financial links in the UK i.e. banks, credit cards etc?

swoods59

We have been here since November last year.

We both still have our current accounts open just changed the address to my mums, these are still actively used and our savings are still in the UK. We still have credit cards as well, although have not used these since we arrived here. Would it be worthwhile making a few transactions on these and paying it off straight away?

withabix

I would say you've got no chance without a current UK employer in the present financial climate.

You will need to rent first when you get back to the UK.

Can I ask why you are returning? Did the 'dream' not come to fruition? Have you given up too early?

herbiesjp

swoods59 wrote: »

We have been here since November last year.

We both still have our current accounts open just changed the address to my mums, these are still actively used and our savings are still in the UK. We still have credit cards as well, although have not used these since we arrived here. Would it be worthwhile making a few transactions on these and paying it off straight away?

So not that long away from the UK then.

So your credit history will also still be pretty recent, with active UK accounts.

Using the cards and clearing would again improve your credit file.

What are your gross NZ yearly incomes? What would be sterling equivalent?

Do you work for a UK company in NZ?

Do you have work lined up for when you come back to the UK?

swoods59

Only one income in NZ, sterling equivalent of £25k and not a UK company.

Hubby will be able to secure work straight away but this is on a contract basis which is what he had been doing for the last 4 years of being in the UK. This attracts a salary of approx £40k but on a temporary contract.

He is going back to the UK next month for a few weeks, I will give him access to the credit cards to get them active again.

herbiesjp

Contract income will limit options.

Having the track record will however be good to see, for the right lenders. Is that in the IT field?

Do you have any children, as this could impact on multiples/affordability calculation a lender uses?

swoods59

Its in the health and social care field. We have one school age child.

herbiesjp

This will not be straightforward, but you may have some possibilities.

Get in contact with a good whole of market adviser, and let them come back with any options available to you.

swoods59

Thanks for your reply.
Looks like I might be best looking at rental options in the short term?