Coming back from abroad - declined for Offset Mortgage

hampshirehog_2

I don't think we are going to win this one - but has anyone got any idea why mortgage lenders refuse to look at folks on returning recently from living abroad (France in our case), and now buying in the UK. We only want a small mortgage (25%), have maintained our UK bank current and savings accounts, into which several pensions have been paid monthly, and from which transactions have been regularly made while abroad.Why have we been refused an Offset Mortgage just because our home has been in a fellow EU country for 4 years? We have been on the UK electoral roll as overseas voters.
We have been using a mortgage broker (L&C) who have come up against this problem on our behalf - and who now say however that a few lenders will give us a fixed mortgage. Why one and not the other? Anyone any comments? Have we any redress?

Dave_Ham

Not suggesting you have, but say you have run up tens of thousands Euro's debt and then move back. You then run up loads of debt here and then move abroad again.

Lenders do not like this is as fear of the unknown and Experian and Equifax are not sophisticated enough to deal with foreign addresses, they cannot cope with BFPO forces addresses overseas.

That said I think there will be lenders out there given the risk and how you appear to have conducted your affairs whilst overseas.

Good luck

Thrugelmir

You've no recent UK history. AS DH says. There's no certainty as to what you may have left behind. The EU has removed boundaries for debt collection.

Not helped either that the UK mortgage market has fundamentally changed in the 4 years you've been away.