Returning expat mortgage

Almo

Hi,

After 5.5 years overseas my partner and I have just moved back to the UK. He is working and I'm hoping to be soon and we'd like to look at buying a property here. We will have around a 50% deposit, possibly a little higher or lower depending on what we buy, of course.

I'm struggling to find anyone that will consider us; every time I see a name mentioned I check their criteria and find we don't meet one or more. I understand that we need to see a broker, but I'm reluctant to approach one if there's not a chance in h3ll of being accepted.

Does anyone know of a provider that would consider us or might soon (i.e. is there a particular length of service OH needs to get to)?

EMac_2

Yes there is a chance. I'd say see a broker

Let_Us_See

Agreed. Unless you have an unusual request or a specific problem, a returning expat should be able to secure a mortgage.

Thrugelmir

How much are you looking to borrow? How much do you earn?

The LTV is not the issue.

Did you leave any legacy issues behind that may reflect on your credit score?

Making_My_World_Go_Round

Hi Almo,

My partner and I are in a similar position although I haven't started looking for mortgages yet. What criteria don't you meet?

Thanks.

oneonesip

Almo wrote: »

Hi,

After 5.5 years overseas my partner and I have just moved back to the UK. He is working and I'm hoping to be soon and we'd like to look at buying a property here. We will have around a 50% deposit, possibly a little higher or lower depending on what we buy, of course.

I'm struggling to find anyone that will consider us; every time I see a name mentioned I check their criteria and find we don't meet one or more. I understand that we need to see a broker, but I'm reluctant to approach one if there's not a chance in h3ll of being accepted.

Does anyone know of a provider that would consider us or might soon (i.e. is there a particular length of service OH needs to get to)?

yes, some time buy property direct is riskly, need broker as well

Almo

Making_My_World_Go_Round wrote: »

Hi Almo,

My partner and I are in a similar position although I haven't started looking for mortgages yet. What criteria don't you meet?

Thanks.

Well, it depends on the lender. For some, we don't meet residency requirements, for others OH hasn't been in work long enough. We are now talking to a broker who has been great so far but we are waiting for credit reports before we go any further so we'll have to see how things pan out I guess. I'm not expecting it to be easy but it does seem that there might be possibilities. I'd be happy to come back and report once we're a little further down the line.

Almo

Thrugelmir wrote: »

How much are you looking to borrow? How much do you earn?

The LTV is not the issue.

Did you leave any legacy issues behind that may reflect on your credit score?

OH's basic is 25k (we know that commission will be too hard to include in our scenario) and looking to borrow up to 100k.

We don't have any skeletons that we're aware of and certainly didn't abandon any debt so hopefully the answer is no but the broker I'm talking to has told me of a client of his in a similar position who failed to cancel a mobile correctly (entirely unintentionally) so until we have our credit reports I wouldn't categorically say no although I very much expect the answer to be no.

trailingspouse

We had the same problem when we returned after 5 years away. When we first came back, we didn't even have enough credit rating to get a mobile phone contract!! Sadly your credit rating evaporates while you're out of the country.
Do everything you can to improve your credit rating - get yourself on the electoral roll, and close off any accounts you don't use.
It's very frustrating - I'd naively assumed that 'free movement' of the workforce within Europe meant just that. How wrong I was.

Making_My_World_Go_Round

Thanks for the info. Best of luck!

dihae15

wooww~ interesting guys! bless you are ^^