Looks like I will be mortgage free for the rest of my life.

Dragonista

Well, I need to share... my mortgage broker told me I can't get a mortgage.

I am a British expat, with little UK credit history (I'm in my early twenties). I am able to put down a hefty deposit and I earn good money. As I work for an international firm it should have made it easier but my company "doesn't count" apparently (need to work for a "big name" like HSBC, BP, Microsoft, etc).

Even with my Dad as guarantor there is no hope. His credit history is perfect (so good that lenders have even commented on the speed of approval) and earns in the £200k region.

I have also been told it is unlikely I will ever be able to get a mortgage in the UK should I remain overseas for any length of time. (At the moment, I don't know when I'll return)

I completely respect the lenders decision is based on risk. I was told that if I were in the UK, getting a mortgage would have been no problem. Sadly, my residency is an issue.

Today is a very sad day for me.

kittiej

Have you looked into part buy, part rent properties if it's def a no to a mortgage?
http://www.rightmove.co.uk/property-for-sale/find/Easy-House-Ownership/London.html?locationIdentifier=BRANCH%5E80473&includeSSTC=true&_includeSSTC=on

I'm not entirely sure how they work but you normally pay a set deposit and then a set weekly/ monthly amount.

You must be gutted

WellKnownSid

Possibly a slight over-reaction. We got our UK mortgage a couple of years back, despite being an expat with no history and also self-employed - so no Microsoft either. It wasn't straightforward, but it wasn't impossible either. I also know that the rules have since tightened for most lenders, with many withdrawing from the expat market - but from what I can tell not all.

I would probably start by maintaining a UK bank account and building some history there.

If you already have good UK banking history, then I would probably ditch your broker next! I'm pretty sure Natwest group and HSBC still offer mortgages to non-residents, and there will no-doubt be a handful of smaller companies out there that will. Google is your friend, and from my experience brokers won't put in the legwork for these types of cases.

Remember that these things come and go. Only five years ago lenders were still jumping on the '125% mortgage' bandwagon. Expats do tend to return, so I would guess that once the housing market gets moving again there will be plenty more companies willing to take another look at this sector once more.

lawriejones1

You're in your early 20s - don't be so dramatic! Property is expensive and (if you're buying to let, which it seems you would be when living abroad) then it's a headache you don't really want.

In my early 20s I had the credit rating of a 4 year old child (ie very risky) but a few years of being sensible and I'm doing ok, no debts, mortgage etc.

You will be fine! Why not save a monster deposit and then dictate your own terms in a few years?

ACG

When you say hefty deposit - what do you mean? Are you talking 15%?

If your putting down say 30% or more, i think there will be lenders available to you - depending on the rest of your circumstances.

Its worth speaking to another broker as there are a lot more details needed - far too many/complex questions to ask on a forum. Ignore estate agency based brokers and fee free brokers - this has the potential to be quite a tough ask and no fee free broker is going to spend more than an hour or so doing some research.