Returning to UK after 20 years away = no credit rating...help!

Kiwired

Our family will be returning to the UK from NZ in three years (mid-2016) once my wife has completed her nursing degree and work experience; time for a change and a return to Dear Old Blighty.

I have surmised through these forum threads that it is highly unlikely that I will still have a credit rating in the UK! I'll be looking to open a new bank account, buy a car and apply for a mortgage, etc as soon as I get back when I get back.

Is there anything I can do in the next three years to gain a positive credit rating in the UK? We still have family there who may be able to put our names on their credit cards; would this help? I won't be on an electoral role at the moment; could I preregister now as I know where we will be settling already?

Any advice would be gratefully received...thanks in anticiaption.

izools

The only way you'll be able to build the sort of credit rating you'll inevitably need to even be considered for the sort of thing you say you'll be applying for will be to open accounts in your name at a UK address.

Step 1: Register to vote
Step 2: Open a bank account (You will need ID - Passport & Driving License)
Step 3: Open a Vanquis credit card (ID again due to no credit history)
Step 4: Once you have the above, a Three Sim-Only mobile contract

Once you've been back and have run the above accounts correctly for a year you will have a limited credit history which may just be enough to be considered for a loan and mortgage.

There's no way you'll be considered for said loan / mortgage as soon as you return, not unless you commit fraud between now and then that is.

Kiwired

izools wrote: »

The only way you'll be able to build the sort of credit rating you'll inevitably need to even be considered for the sort of thing you say you'll be applying for will be to open accounts in your name at a UK address.

Step 1: Register to vote
Step 2: Open a bank account (You will need ID - Passport & Driving License)
Step 3: Open a Vanquis credit card (ID again due to no credit history)
Step 4: Once you have the above, a Three Sim-Only mobile contract

Once you've been back and have run the above accounts correctly for a year you will have a limited credit history which may just be enough to be considered for a loan and mortgage.

There's no way you'll be considered for said loan / mortgage as soon as you return, not unless you commit fraud between now and then that is.

Thanks for the info; unfortunately you have confirmed my fears!

I already have a current account with Nationwide - it has been sitting in credit, albeit by just over a quid, for 16 years now. Will this help?

Unfortunately I cannot register to vote as an overseas voter due to the length of time I have been out of the country (> 15 years); presumably I would committing a fraud if I registered to vote at a family members' address in the UK prior to returning? If not, would there be any other implications i.e. I am unsure how council tax is collected now - is this against the electoral roll?

Is there anything else I could do prior to coming back that would give me a head start? For instance I have family members in the UK who pay their bills on time who would be willing to apply for a second credit card in my name against thier accounts.

I have a good credit rating in NZ, would this be able to be taken into consideration in the UK?

Ideally I would like to buy a house ASAP when I get back, I will have a good deposit but will still need a 60% mortgage.

izools

Kiwired wrote: »

Is there anything else I could do prior to coming back that would give me a head start?

Unfortunately not.

There is no way anyone will trust you with over £100,000 as someone who's only just returned to the country after over a decade away, no matter what.

The only thing credit underwriters want to see here is stability and a proven ability to maintain the status quo.

With everything that's happened to the consumer credit market in the UK in recent years you can hardly expect lenders to dish out lines of credit to absolute unknowns with no traceable proven history.

Frustrating yes but also mandatory if lenders are to remain solvent.

Thrugelmir

Kiwired wrote: »

Ideally I would like to buy a house ASAP when I get back, I will have a good deposit but will still need a 60% mortgage.

Plan to rent for a while or make other arrangements.

usefulmale

Doesn't help you at all I know but seriously, you want to move back to this cesspit country from New Zealand? I will do you a straight swap right now. You live here under my name with my house and job and I will happily do the same in New Zealand with your identity and name.

Kiwired

usefulmale wrote: »

Doesn't help you at all I know but seriously, you want to move back to this cesspit country from New Zealand? I will do you a straight swap right now. You live here under my name with my house and job and I will happily do the same in New Zealand with your identity and name.

Haha...the pull of family ties is bringing me back. Aging parents and the kids are missing out growing up with their grandparents around. I will have given NZ 20 years and I can always come back here anytime as I have citizenship. The missus has promised me a season ticket to Old Trafford is we go back...no abuse please!

Kiwired

Thrugelmir wrote: »

Plan to rent for a while or make other arrangements.

Cheers. Already factoring that option into the equation...just as long as the landlord doesn't need a credit check!

Kiwired

izools wrote: »

Unfortunately not.

There is no way anyone will trust you with over £100,000 as someone who's only just returned to the country after over a decade away, no matter what.

With everything that's happened to the consumer credit market in the UK in recent years you can hardly expect lenders to dish out lines of credit to absolute unknowns with no traceable proven history.

Fair enough.

usefulmale

I will throw in season ticket for Man U no problem. Seriously, read the UK papers. Whilst the details may be sensationalised, its not the UK that you knew 20 years ago. Bring your parents out to NZ and save yourself hassle and expense. In reality, I'm too old now to emigrate (unless my numbers come up) but I am constantly drumming into my kids to get the qualifications and skills necessary to get out of the UK as soon as possible.

Thrugelmir

Kiwired wrote: »

Cheers. Already factoring that option into the equation...just as long as the landlord doesn't need a credit check!

Ask a family member to be your guarantor.