Advice please

pollymb

My son is in the merchant navy and works out of the country for approx ten months of the year and hasn't paid tax for the last fifteen years, his wages get paid into his UK bank account. A Halifax adviser says that there is no way anyone will give him a mortgage because he doesn't work for a UK based company. He doesn't have a credit rating as he has never had credit, he is a first time buyer and has 100,000 savings and he would require a mortgage of approx 100,000.
Is the Halifax adviser correct ?

McKneff

He probably needs to build a credt rating.

He needs to get a couple of credit cards to start with and spend on them, i know difficult in the circumstances
but you could help him out on that front if you see what I mean.

pollymb

Thank you so much for the quick reply. He has had a credit card for some years now with his bank.

GMS

Not working for a UK based company is not the issue. The issue is not being a UK tax payer.

Being a non UK taxpayer may mean a lender would judge him as an ex pat and not grant a residential mortgage, unless there was a spouse living in the property.

pollymb

My son has fifteen years to retirement. This is his home. The plan was to sell my propertry (140,000 approx ) and putting the money towards buying a bungalow with my son. I am retired and the worry is that if I had to go into care (not if i can help it !!!! ) the property would be taken to pay towards my keep even though it would be his only home. That is if we can find a mortgage. Would his bank be an option he has been with them for a good number if years and they know he is a regular earner.
Any thoughts would be much appreciated.

:A

GMS

He would be best speaking to his bank as they have a financial relationship already. They may be happy to lend.

If you were to be living in the property too it may get round the issue of non UK taxpayer.

Speak to a 'Whole of Market' broker to get a better idea, in addition to speaking to his bank.

pollymb

Any ideas as to if my son would be in danger if loosing his home if anything happened to me (going into care). Or where I would get advice.

:A