Credit/Mortgage Eligibility Question

Gromit123

Hello all, first post and was wondering if anybody could give me some facts/advice due to the slightly unique situation I am in and the fact I cannot get a straight answer from anybody I ask, whether that be mortgage advisors, accountants etc.

I work outside of the UK and earn in a foreign currency. I am paid in the region of £70k equivalent (plus bonuses, overtime etc..), on which I pay next to zero tax.

Based on earning in a different currency I am limited to lending with The Woolwich (I believe?) who, around about 4 months ago initially approved me for a mortgage based on 85%LTV or 80% on a new build. I am in the process of relocating back to the UK so then opened a couple of new accounts, I.e a phone contract as well as financing a car over 3 years for approx. £35k. So I have a few searches on my credit report and a 'high' amount of unsecured credit, but not obviously high due to what I earn, I feel, and very much affordable based on my income.

I didn't check my report initially but recently enquired as if to see if I was eligible for a 90% LTV and was then told I was flat out refused. I then checked my credit score and was shocked to find on Experian my score is 480ish... Very poor. I wasn't on the electoral roll but have now registered and have not missed a payment on any of my accounts ever, so I am understandably a little put out given the fact that buying a car and getting a new phone contract has apparenty stopped me getting a mortgage.

So, in a nutshell, what I am asking is the following..Is there any 'quick fix' to getting a mortgage in the short-term, given the circumstances? And if not, given I have added myself on the electoral roll, I am not opening any more credit accounts and obviously will ensure I pay everything, every month.. Is there anything else I can do to make myself a better bet in the eyes of lenders? Also, if not, do you have any idea how long it would take for my credit score to increase to, say, 750ish.. Assuming I do all of the above?

Sorry for all of the questions but It is difficult to find anything concrete as far as lending criteria and credit scoring is concerned so any advice is much appreciated.

Cheers.

bigadaj

First thing is that your credit score is irrelevant, just look on the loans board.

If you're relocating back to the uk then is your employment status changing. You also mention wanting to borrow one sums and then being surprised at not being offered more, which sounds odd.

The other obvious point is that with that salary then why are you looking at such a high ltv, the obvious solution to that is to either save more or cash in some savings or investments.

Gromit123

G'day.

Thanks for the reply. To answer your questions... My employment status is staying the same but I get to spend more time back in the and I have a child on the way soon, hence the requirement for a UK home. I would prefer a higher LTV as it allows me to put more money into some other business interests which will provide a considerably higher return than any extra amount I would be paying on a mortgage going from, for example, 80%LTV to 85%LTV. Also, the amount I was asking for was initially only around half of what they were willing to lend i.e c.£180k from a max lend amount of up to c.£350k, hence when I asked if I could get a 90%LTV instead of 85% on a c.£200k property and they flat out refused full stop to lend me anything, after offering £350k about 3 months before, I was a little confused..

Can anybody else shed any more light on how to rectify this situation as quickly as possible?

Cheers.