UK expat seeks Mortgage in UK

expat_abroad

HI
I am British, 55 next birthday, work abroad and require to purchase my ex-wife equity after our divorce. I require to borrow 100,000 pounds over 10 years, for me to own the marital home. ( current valued 300,000pounds).
I have previously approached my current lender (Halifax) who have refused me the mortgage as they say I am not home enough ( my leave is a 5 week every 5 month rotation) and I am not intending to rent out the property. The mortgage has never had an outstanding payment on it and my credit record is good.
My yearly salary is about equivalent to the total amount I need to borrow, and I am paid directly into my UK bank account in US dollars.
Can anyone advise how I can get a mortgage given these unusual circumstances?
Thanks

holly_hobby

There a couple of issues, including ...

• where you are employed and in what capacity ?
• is the role a re-location of you from the UK by your employer, whom is uk based or a multi national ?
• or did you simply secure this role and employer under your own steam ?
• if seconded abroad by your UK employer, do you have a scheduled date of repatriation ?
• if so, will your employment continue with the employer upon repatration in the same role/salary ?
• salary although direct deposit into a UK bank, is in US dollars which presents an issue, as your net deposited income is exposed to exchange rate fluctuations, and depending on how tight any affordability may be (regardless of LTV), this could cause a real issue with regards demonsrtating a responsible lending perspective.

Coupled with the extended unoccupancy issue (which is classed for insurance purposes as anything in excess of 30 consecutive days) - this invalidates standard blds (& contents) insurance, and as blds ins is a conditional requirement of the mge, theres your problem.

However, there are providers whom offer specalise "unoccupied" blds insurance (if you google a whole host will appear), however cover tends to be for time bound periods and not an ongoing arrangement.

If Halifax have cited this (and not your employment per se) as the ONLY reason for decline, I would be inclined to go back and enquire as to their acceptance of specalist unoccupied bld ins from a market provider, and if that will satisfy their criteria requirements (also if you have someone, or even employ a management agt to caretake the property. Eg someonw whom can drop in frequently, just to keep an eye on burst pipes, security to theft/unauthorised occupation etc, as these are the main concerns in respect of largely vacant units).

I do feel however, that it may have been simply easier for Halifax to say its the unoccupancy thats the prob, as you may find that when presented with the above solution and pressed, they come up with a raft of reasons re the employement side of things as exampled above.

But you can only ask ....

Seeking another provider, it'll be difficult - and I would suggest an experienced ex pat adviser ..... as general mge advisers will typically have limited exposure in this area, to which the q's I've posed above will be the typical type of info reqd, so take it with you at 1st meeting.

Hope this helps ... with condolosences on the situation thats led to your enquiry .. wish you well x

Holly xx

Jonbvn

OP,

Please try these links.

http://www.international-mortgage-plans.com/

http://www.liquidexpatmortgages.com/UK-MAIN-RESIDENTIAL-MORTGAGES-UP-TO-85-page-9.html

Dave_the_Ginger_Cat

This won't help on the immediate term, but I looked this up recently for another poster - Halifax have withdrawn from this market, so afraid unless they change policy in the new year, you'll need to look elsewhere.

http://www.bbc.co.uk/news/business-22754136

As Holly suggests, a decent ex-pat broker would be my view also

expat_abroad

Hi All
Thanks for your advice. I will try to search for specialist brokers as suggested.
Have a good Christmas all!!

holly_hobby

Hi there,

Thanks for the PM.

Thats my pleasure, in previous roles I've exposure to ex pat business, as I used to place difficult cases on behalf of IFAs/brokers such as the ones you're gong to see - and the unoccupany is really just the tip of the iceberg in your particular situ.

So, if you look at the qs I've posed, and have the info ready for your initial appointment, you'll have all the info they'll need to bounce if off various lenders asap, and with a 30% ltv you're giving them the best chance of nailing something.

Personally from the details you've given re your employment (esp where you are located) I do think you will have some real diffculty in placing this on the high st (and the broker may need to off pieste with an investment house or such like whom will work on a more flexible uw basis - but make sure you check all fees including exit, interest changes when /how they can be amended etc, redemption clauses, etc, etc .... ).

To that end, I would only go with an experieced ex-pat broker (if you can) whom charges a fee on successful placement and I mean you succesfully passing all staus checks and unoccupany issues, with it proceeding to survey - and I would expect them to have a fair idea if theres any chance on current providers just from the info I've suggested you take with you.. As you don't want an upfront fee for him/her to come back and say "sorry no chance", because I can tell you that for free that you're going to have some real issues.

So taking this into account, we still have the issue of you wishing to buy Mrs Expat out, which means, as I think you may well fall foul of most standard expat lenders, you're going to have a realy struggle in having her removed from the mge as part of the "buy out" settlement.

Could a short term measure be that you give her the monies she effectively wants in respect of her share, and then draw up a deed of trust, basically stating that when/if you sell, she has no further claim to any equity in the property or any financial or residency interest in the property ? Could that be an intrim solution ?

Albiet, she may not agree to this, given that if she remains party (regardless of any trust arrangment) she remains legally liable for the mge along with you, so she may flinch at that suggestion, so it'll be a suck it an see excerise, but she may surprise you !

I'll keep pondering to see what else I can come up with.

Hope this helps ... on this lovely Christmas eve !

Merry Christmas ... good luck x

Holly xx

expatsmortgages

Did you ever manage to get the financing you were looking for?

pmd123

The OP hasn't been active on the site in over 18 months, don't think they're going to answer you.

DCFC79

expatsmortgages wrote: »

Did you ever manage to get the financing you were looking for?

Why drag up an old thread ?