First time 'expat' buyer

someadviceplease_2

Hi All,

My fiance and I currently live in Sydney, Australia. Next year, around September, we plan to move back to the UK after five years of being away. When we move back we should have around 100k for a deposit for a mortgage. I was just wondering if anyone had any advice on the following:

- how easy is it to get a mortgage if you have been away for so long?

- I've always maintained an English bank account, would this help?

- would it help if I was to move some money from Australia to England now and leave it in a UK bank account as proof of savings?

- do you need a permanent job to secure a mortgage?

Thanks

beecher2

You certainly need a job to be able to secure an income. You haven't said if you will remain with your existing employee so difficult to comment on the type of contract you need.

https://forums.moneysavingexpert.com/discussion/1184273

Did you declare yourself bankrupt? Think your credit file will have a big impact on your ability to acquire a mortgage.

macman

£100K deposit is a sizeable deposit, but the man question is how much you will be seeking to borrow?

someadviceplease_2

Hi,

Sorry.

No, I will be heading home without a job. I'm hoping to pick up work pretty much straightaway, just not sure if it will be a permanent or contractor role?

I work in IT

beecher2

You need to wait until you have a salary and have worked through any probationary period. Get a hold of your credit files to see what is reported, particularly regarding the debts you had when you left.

someadviceplease_2

We don't want to stretch ourselves too much. I've had a stressful job the last few years. Want to take it easy for a while and looking to start a family. The price range would be 190 - 250max. Probably something in the middle is more realistic.

someadviceplease_2

I did have a few debts but have settled these now, we won't have anything when we get home.

beecher2

someadviceplease wrote: »

I did have a few debts but have settled these now, we won't have anything when we get home.

I'd still check your credit file - defaults stay on your record for 6 years which may tie up ok with when you come back, but check anyway.

Since you don't know where you'll be working, renting is the sensible option anyway when you return. You might have to be flexible about where you're willing to work, so probably best to make finding work the priority above finding a home to buy.

dimbo61

Yes rent for a year or two and find out where you want to live and local employment.
Family and good schools might become important ! but in london £250K might buy you a small 2 bed flat while here in cheshire £250K gets a 4 bed house and everything that comes with it.
Also very good schools + transport links

someadviceplease_2

Hi,

Thanks for all of the advice.

Renting seems like the most reasonable option in the short-medium term.

Dimbo,

We are going to be looking in the Merseyside area...Crosby, Hightown, Formby as this is where we are originally from. Back to one of my original questions though. Would it be worth starting to send money back to the UK to prove savings? Or best to leave any money we have saved in Australia for now? Just concerned that if I transfer a large lump sum in a year or so it may not look too good as genuine savings.

Thanks

Thrugelmir

someadviceplease wrote: »

Or best to leave any money we have saved in Australia for now?

Far better interest rates available in OZ. So better off leaving them where they are.