International mortgage advice

offshoregirl

Hi, I have recently moved offshore from the Channel Islands and previously was a UK resident. I am wanting to buy a flat in the UK on a residential or buy-to-let basis. I do not plan on living in the flat initially but would be wanting to live in it within the next 12 to 24 months. I bank with HSBC and have a healthy deposit and healthy monthly income so from that perspective am not worried about being granted a mortgage, more, what is the best option and how do I go about it and with who? Any help on this would be greatly appreciated as my current bank just passes me from one telephone number to another which costs money in overseas calls and has been of no help whatsoever. Thanks in advance.

Dave_Ham

Hi there,

Are you British, EU or hold a passport from a non EU country?

Is the company you work for British and are you still paid in Sterling?

Do you currently own any other properties in the UK?

Sorry for what may be perceived as silly questions, I have recently brokered a case for an Expat in Australia and it has proved a real headache and some of the banks change and then re-change their policies on it..

offshoregirl

Hi, yes am British and hold a full British passport, I get paid in non-GBP but have GBP account(s) at HSBC in the Channel Islands. I work for a global company and own no property currently in the UK. I am just wanting to know WHO will give me a mortgage and on what terms. Thanks.

Dave_Ham

The reason I asked is that 75% of lenders will lend on a buy to let basis, so long as you pass a credit score. This is kind of subjective given if you cannot be traced on a UK address is it unlikely you will pass.

Barclays Wealth and HSBC corporate I think will lend to existing clients only currently.

National counties Building Society will also consider many circumstances, think they may be broker only but not sure...

All the best

offshoregirl

I can provide my previous UK and CI addresses over the past 4 years as I have only been overseas the last 6 months; I also hold UK accounts so they can check them. I think HSBC or Barclays Wealth may be the better options (if I can get through to them) that is.

offshoregirl

Thanks anyway for any information.

Dave_Ham

If you have an existing relationship definitely, the credit scoring system typically will become a bigger and bigger issue with time as they cannot track "you" appropriately whilst overseas..

The qualyfying criteria for Barclays when I spoke with them was £50k in assets with their "Wealth" department..

Good luck

ACG

You also say you are not a current property owner...there are not too many lenders prepared to do BTL mortgages if you do not have an existing property.

Simon_gloster

ACG wrote: »

You also say you are not a current property owner...there are not too many lenders prepared to do BTL mortgages if you do not have an existing property.

Agree with the above.

You will be classed as an expat and treated that way in terms o policy.

As you dont own a property you MAY be able to apply for a residential mortgage if as you say you intend to return in 3 years or so. You may also be able to rent I out on a residentil basis, but I have only ever known this for forces personnel

This would have to be confirmed by your employer.

Worth a call to a few people, all they can do is say sod off!!!!