Ex pat with CCJ

sweed733

Hi everybody I need your help !!!!.
The situation is this, I have a CCJ from June 2008 on record, I have been working in Afghanistan since 2010 for a US company.
I have 2 houses that I rent , not really any equity available in these. Mortgages equal 700 pcm rent is 1100 pcm
Experian report is clean apart from CCJ rating is 997 excellent.
OK I want to return to the UK in August and buy a place of my own, I cannot seem to get anywhere because of the working abroad and CCJ. I am looking to purchase a property up to 150K and have over 100K available, I dont really want to use all this would be comfortable using 75K. Now once i'm home i wont have any work history in the uk, whilst i'm here i'm ex pat ??? just going round in circles !! someone mentioned proffessional landlord on the employment section and going for buy to let. then renting to girlfriend and moving in ?? any ideas anyone arghhhhhhhhhhhhhh

Simon_gloster

You may be a professional landlord which is ok, but you'd have to declare you have 2 main incomes.

To use the BTL income you have to have declared the income to the inland rev, if not dont use it.

CCJ and ex pat as you say are your biggest issue. The loan to value makes no odds here. Sorry for the short resppnse, on phone. If you fod pay uk tax dont go direct to a lender seek a broker, but be prepared for a knock back just in case.

Dave_Ham

Is the CCJ satisfied?

If it is then I think you have a chance, if not then I would say no chance..

Hope this helps, if not satisfied(paid) then this will be a good next step...



Dave

holly_hobby

The location primarily, and fact you do not work for a UK based Multi National company means that I don't believe from experience this will be placed as an ex-pat case, the CCJ just adds to the issue.

Are you returning to a job in the UK ?

Is the job in the same field or the UK arm of the US company (or group of companies) whom you currently work for, and again is it the same or a similar role to which you currently hold ?

If you are returning to no job - there is no earned income to service the mge - no matter how low the LTV or small the loan.

Rental income would be considered if under full accounts, and you are a prof landlord. But with £400 clearance, this obv would not be sufficient to service a mge if the net rental monies are your sole source of income (ie no additional paid employment). (as a side issue nationwide bs, will look at a portion of rental income added to earned income, if the let property(ies) is mge free (unencumbered).

If you buy a property to let - but then fail to let it and reside in it yourself - you must declare this to the mge lender, whom will want you to fit their standard criteria and uw for residential mortgages. (as it takes the mge from unregulated to regulated lending).

If you did purchase a BTL and elected not to inform the lender of it becoming your private residence when you return, you are technically in breach of your mortgage t&cs, with the lender being able to lawfully demand full redemption of the loan (ie forced repayment and re-location to another mge provider). Same goes if you give your tenants notice in one of you current let properties, and then reside in it yourself upon your re-patriation.

Of course if that happened, then you may have some work history by the time the lender discovers the property is not let, but you will still have the unsatisfied CCJ hanging over you (if this is undisputed and you don't satisfy it from the 100k you have access to, which I would strongly suggest to aid your cause ).

Sorry to be the bearer of bad news, but the experian credit score has absolutely no bearing or relation to credit scores performed by lenders.

My solution would be to satisfy the CCJ, and once in paid employment float the case with a mge lender who does not credit score - but consider each case on an individual underwriting basis such as Ipswich BSociety (further beneficial due to your minimial residential history within the UK over the last 2 yrs). Of course the low LTV and a decent reason behind the registration of the (satisfied) CCJ will also positively help your cause.

Additionally speaking to a broker would be of benefit, as they can discuss the case with the BDMs of additional lenders whom they think may be in the market for your application (Ipswich BS accept nationwide direct business, but do have geographical restrictions for intermediary business, so your broker may not have access to them).

Hope this helps ... I wish you well

Holly

Experian_company_representative

The Experian Credit Score is based on the scores we build for lenders, but it only appraises your personal credit history data and not other data sources a lender has available, eg your applicaton form.

James Jones

holly_hobby

Yes, therefore as stated it cannot be relied upon as an accurate reflection of whether the applicant will pass the credit scoring process of a mortgage lender.

Holly