FTB - realistic?

Blue_Monkey

I'm living abroad at the moment, but considering a move back to the UK in the next 6-12 months and would've then been away for approx 18 months so as I'm a bit out of touch with what's going on back home housing market and mortgage-wise, I wanted to get your thoughts on whether this scenario would be about right, even though it's all hypothetical at this point :cool:!

• Me - expected salary on return to UK will be £50k (employed, no debts)
• OH - expected salary on return to UK will be £35k (self-employed, no debts)
• Deposit - approx £50-60k
• Budget for house - approx £230-270k
• Therefore desired mortgage = £170-220k

Given that our credit score will be a bit dodgy due to being out of the country for 12+ months, and that OH will be self-employed, how realistic is it that we would get our desired mortgage?

I know no one can really tell me exactly what will happen in the next 6-12 months, so perhaps base answers on what the lenders are doing at the mo?

Many thanks in advance

opinions4u

Try and get your deposit above 25% of purchase price. Be prepared to rent for 12 months and make sure you register to vote. A 40% deposit may open more doors.

Blue_Monkey

Thanks for the extra tips! Does that mean that my scenario is not realistic? I'm aware that we'd need to rent upon our return to the uk but was hoping for 6 mths really... Will OH's income count for anything?

woodsey2002

We've been back 2 years having done 5 years in the US and to be honest its a nightmare, We're after a 90% deal though, with a bigger deposit we'd probably be ok with some lenders. One thing I've learned though is that obtaining an AIP gives no guarantee of anything. We got one with the halifax, only for them to change their mind so we lost a house.
For the first year back though we were told regardless of how big a deposit we had we would not have found anyone willing to lend to us. It took 18 months before anyone would even give us a credit card with a 500 quid limit!!
According to Experian our credit is now very good but even with no debt, a 135k salary coming in and a job with the same employer for 14 years our own bank who we've been with for 12 years and had a prior mortgage with wants us back in the country for 3 years before considering us even if we had a 50% deposit. Yet according to their website a foreign national only has to be resident for 12 months?????
Mnay brokers we've spoken too also seem to struggle with the concept of someone having lived abroad, we've been given so many different answers that we are completely none the wiser and it seems we're going to be renting for a good long while yet.
Hope you have better luck.

Blue_Monkey

Wow - thanks. I hadn't thought it would take that long to get the hamster back on the wheel (so to speak)... That's actually quite scary.