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Want to buy house in UK, but live in USA

Hi all

I live in the USA and have a good pay check, in addition credit score is good, i want to buy a property in the UK, can I get a mortgage approved from the USA for the property in the UK, if so what are the procedure to go about this, also would I have to pay anything extra (what UK people wont pay)

thanks

Replies

  • kingstreetkingstreet Forumite
    37.9K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    I'd say, you'd be better off asking US lenders about this.

    UK lenders want to lend to UK-based borrowers who are remunerated in sterling.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • obama is sinking your country, ours is drowning in benefit entitlements from an ageing population.

    buy a house in canada- it is booming esp alberta and ontario:)
    Stop! Think. Read the small print. Trust nothing and assume that it is your responsibility. That way it rarely goes wrong.
    Actively hunting down the person who invented the imaginary tenure, "share freehold"; if you can show me one I will produce my daughter's unicorn
  • one of the issues you'll face with a UK lender is the exchange rate risk. If you borrow from a UK lender the debt and monthly repayments will be a fixed amount of sterling but if you are paying it back from US$ income you cannot quantify the debt in US$.

    If you borrow in US$ from a US lender you'll quantify the debt and monthly repayments up front. Exchange rate risk would appear further down the line if you want to sell the house before the mortgage is paid off - would you raise enough $$ from the sale to repay the mortgage and any associated costs ?

    Have you checked if any UK banks, including UK-based branches/subsidiaries of US banks, have US$ mortgage products ?

    Miss H
  • Yorkie1Yorkie1 Forumite
    11.3K Posts
    Part of the Furniture 10,000 Posts Combo Breaker
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    I wonder whether you'd also have to appoint a UK based solicitor to handle the transaction - I don't know whether the seller's solicitor would be willing to deal with just an overseas solicitor if there were issues such as money laundering or ID which had to be resolved in UK law.
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