Can you swap names on a mortgage?

costelloe16

Hi,

Thanks for the response!

I've began my search by going directly to two expat mortgage brokers who both said that they couldn't find lenders who would go under 75,000 with a 25% deposit.

I'm looking for a 50,000 with a 25% deposit so that I know I could always afford the 250 a month mortgage if something went wrong.

I haven't actually directly approached a lender, due to the fact I found it hard to find lenders who gave away any information online about expat mortgages, I just went straight to the brokers.

Do you think I should keep trying a few more, and go directly to some banks? Or do you know of any lenders who are known to specialise in smaller loans?

kingstreet

I don't work in the expat market, so am not in a position to contradict the specialists you appear to have auditioned. If they are saying the minimum is as stated, you appear to have no alternative but to try to find lenders yourself.

I suspect it may be a while before someone with similar experience sees this thread, so until then, I think you're probably on your own.

holly_hobby

My own expat experience, is based on placing this business on behalf of brokers ... some areas may have changed since I was involved (as I now work in audit), the following points are the main areas and questions an Underwriter will want to address .....

• Are you permenantely employed overseas ? (or just travelling/ad hoc jobs etc) ?
• Where are you currently located and working? Is this central Europe ?
• Are you overseas as a direct result of re-location through your role and UK employer ? Or are you just travelling, and being employed locally under your own steam ?
• If relocated via employer, is this with a UK or multi national company ?
• If so, what is your role with the company, and expected date of repatriation
• Do you hold, and is your salary paid directly into a UK bank ie its recd into the UK in GBP (or one whom has a presence here), and you in turn access such funds from where you are. (this is to do with currency fluctuations affecting affordability, and of course the lender being able to collect mge payments directly via BACS)
• Do you have a scheduled/defined date of repatriation ? And will you return to the same/similar role and salary with your empoyer when you do ?
• Do you still have any presence here in the UK, ie retained banking or credit accounts ? (I appreciate you won't be on the VR anywhere).
• If you're working os of central Europe, under your own steam, with no UK job to return to here, or date of return ..... you will really struggle to fit expat criteria of most if not all lenders.

This will of course only be revealled (if your broker doesn't obtain an prelimary UW agreement to submit, havig provided the full residency and income info), once your full app is submitted .... and possibly fees lost ....

So tread carefully, make sure the advisers fee arrangement is only triggered and payable if the case is actually placed and following full app submission, actually goes through to the issue of a formal offer (ie NOT just an Agreement in Principle/AIP or UW saying send it in lets have a look) - as this will ensure the least time wasted as possible if its not going anywhere.


Hope this helps get an idea on what info and status will be required ...

Holly xx