Want to buy house in UK, but live in USA 30 November 2012 at 10:14PM in House buying, renting & selling 4 replies 834 views

dude_1

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

kingstreet

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.

propertyman

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:)

Miss_Havisham

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

Yorkie1

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.