Questions re: getting first mortgage

PinkLipgloss

Evening all,

Firstly, please forgive my complete ignorance with regards to mortgages. I have no experience of them having rented properties since leaving home to attend university.

Would be really grateful if anyone could help me answer any of the following:

• Since graduating, I have mostly lived abroad (5 years Japan, 2 years Spain) but have, during this time, kept a current and savings account open in the UK. Will extended absences from the UK (and therefore lack of money going in/out of my UK accounts) affect my chances of obtaining a mortgage?
  
• Will I have to show X amount of months payslips from a UK company before being able to apply for a mortgage? (I am currently working full time in Spain and have Spanish payslips I am considering moving back to Scotland if I can secure suitable full-time employment).
  
• Can anyone recommend an online resource guide to different types of mortgages / how to procure one etc?

kingstreet

Lenders want to be able to find you on the Electoral Roll so they can establish your credit worthiness. You won't be found there, so that's hurdle number one.

Money going into and out of your account isn't something particularly relevant. However, you will be expected to have employment and be paid in sterling.

Some lenders will take you on, even during a probationary period, so there may not be a requirement for a long employment history.

It all comes down to the overall quality of your application and the loan to value (percentage of the purchase price you need to borrow).