Early-retirement wannabe

Thrugelmir

Marine_life wrote: »

So far the answer is clearly no ... but consider this ... 60% LTV ... over €2 million in assets

Where's the risk? Looking at the Debt free wannabe board it seems credit card companies are more than happy to keep upping limits ...

Assets are here today and gone tomorrow. The lender might ask why you don't use your assets to purchase the property.

Credit card lending is highly profitable in terms of interest and transactional processing income. A different market to mortgages where profit is very low margin after all operational costs are taken into account. .

Daniel54

Marine_life wrote: »

So...for various reasons we are thinking about moving back to the UK but ...

... can we get a mortgage?

So far the answer is clearly no ... but consider this ... 60% LTV ... over €2 million in assets

Where's the risk? Looking at the Debt free wannabe board it seems credit card companies are more than happy to keep upping limits ...

The financial services industry spends too much time box ticking and not enough time applying common sense.

You might want to ask on the Mortgage board where the mortgage brokers could have a view if there are lenders out there who would lend against your pension/unearned income. Bear in mind they cannot themselves suggest possible lenders on MSE.

k6chris

Marine_life wrote: »

So far the answer is clearly no ... but consider this ... 60% LTV ... over €2 million in assets

Out of the box thinking I know, but could you use some of those assets to buy a house without a mortgage.....??!

ermine

Marine_life wrote: »

... can we get a mortgage?

So far the answer is clearly no ... but consider this ... 60% LTV ... over €2 million in assets

Where's the risk?

Brexit? Can't pay won't pay for the masses w/o that sort of wedge and the knock on effects?

Der liebe Gott sorgt dafuer, dass die Baume nicht ins Himmel wachsen and all that.

You may not be able to get a mortgage but you can afford a house, wherever it is

SuperSecretSquirrel

Marine_life wrote: »

So...for various reasons we are thinking about moving back to the UK but ...

... can we get a mortgage?

So far the answer is clearly no ... but consider this ... 60% LTV ... over €2 million in assets.

If you want to move back to the UK, don't let the fact that you can't get an unnecessary mortgage stop you!

I'm guessing you wouldn't feel the need to take out a loan to buy a car? Why would buying a house be any different?

Marine_life

Thanks for all the responses and of course if we can't get a mortgage we will use the assets to buy a house.

The reason for taking the mortgage is simply the fact that mortgage rates at that LTV are somewhere around 1 to 1.5% whereas we can earn a lot more by keeping the money invested.

The ridiculous thing is that once we have a UK address we will be able to remortgage after a 3-6 month waiting period - all other circumstances will be exactly the same!

gfplux

Marine_life wrote: »

So...for various reasons we are thinking about moving back to the UK but ...

... can we get a mortgage?

So far the answer is clearly no ... but consider this ... 60% LTV ... over €2 million in assets

Where's the risk? Looking at the Debt free wannabe board it seems credit card companies are more than happy to keep upping limits ...

The financial services industry spends too much time box ticking and not enough time applying common sense.

So sorry to hear of your change of plans. Good luck.

enthusiasticsaver

Marine_life wrote: »

So...for various reasons we are thinking about moving back to the UK but ...

... can we get a mortgage?

So far the answer is clearly no ... but consider this ... 60% LTV ... over €2 million in assets

Where's the risk? Looking at the Debt free wannabe board it seems credit card companies are more than happy to keep upping limits ...

The financial services industry spends too much time box ticking and not enough time applying common sense.

I guess because assets are not looked at in the same way as income. If the market crashes big time tomorrow then your assets may decrease massively and they are not going to take the trouble to find out what assets you are invested in. I understand from a financial point of view cheap borrowing to buy a house with no regular income makes sense to you but there is very little incentive to the mortgage company to lend you cheap money with no guarantee you will be able to pay it off. What about an offset mortgage?

I think you will just have to look on it as transferring from equities to property. I would buy outright for the security. Are you not selling a property abroad?

enthusiasticsaver

So my works retirement do is booked for the 20th December and I am getting my ducks in a row for the start of 2018 when I will be retired woohoo!!

Our income bond portfolio is now set up and that together with my LGPS will cover 60% of my current part time salary. OH pension comfortably covers our essential outgoings leaving us £1000 per month disposable income from him and my investments and pension gives us a further £750 per month. We have our capital arranged so 25% is in cash assets - Santander 123, Tesco current accounts and internet saver and regular savers. The other 75% is invested in Vanguard Lifestrategy 60, Premier Asset monthly income, Artemis monthly distribution and is mainly in ISAs and SIPPs in mine and OHs name.

Just picked up latest list of exercise classes from the leisure club we belong to (at last we will get our moneys worth) and making plans to see lots of friends in January for lazy lunches. Might see if we can pick up a nice holiday abroad in February before our second grandchild arrives in April/May. Exciting things to come.

DancingBadger

Marine_life wrote: »

The ridiculous thing is that once we have a UK address we will be able to remortgage after a 3-6 month waiting period - all other circumstances will be exactly the same!

Rent for six months or so?