Mortgage Application When returning to the UK

djg1972

I have been outside of the UK working for the last 13 years. I am in the processing of selling my property in Europe and intend to apply for a mortgage of around 240k for a 280k property.

As I have no mortgage in the UK, no credit cards but until shortly before I move back to the UK will not be on the electoral register, I am a bit concerned about my Credit rating. I want to start talking to lenders as I have identified a number of 4-5 bedroom houses in the area I want to buy, but don't want too many searches now that I have looked into how credit rating works a bit. I received a score of 816 on Experian based on my profile (no debts and a salary of 8500 per month), but given the rest of the anomalies against a UK resident applying I am not sure what to do next. Any advice? cheers

Jonbvn

As a long term expat, I think your proposed LTV is a bit too high. I would suggest around 75% will achieve more success with more lenders, and will be at a lower rate.

BTW, I was an expat and went through this in 2006.

djg1972

Jonbvn - thanks for the reply. 25% downpayment may be a bit steep. I recognized the different rates on offer for only putting down around 15% (depends on the price, can go to 50k and have seen properties between 230 and 280 - having checked stamp duty rates would be looking to keep the price below 250!)

Experian_company_representative

Might help to try to build up your credit history here to support the mortgage application, but not immediately before it - you need to space out your applications. If you get your credit report from each CRA you'll then be able to add a note to each ono explaining why you're not on the electoral roll, which may help.

James