UK Mortgage - Returning From US

redhobo

I have looked around different forums and picked up bits and pieces that are relevant but nothing that matches my situation - so here goes. Hoping some regulars on here can advise...

I left the UK in 2006 when I was transferred with a large multi-national to New York. I will be transferring back in a month or so. My time in service (14 years) will be continued although my employment contract will be switched back to the UK.

My UK salary should be £90-100K with an approx bonus of £15K. The bonus is not guaranteed but has been regular at that level for the past 3 years. It is paid in $ so variable based on the exchange rate each year.

I will have between 5-10% deposit.

As far as my credit rating is concerned, it appears to be in good shape. I had a loan and balances on credit cards when I left and have paid them down. The loan (2010) and 1 card (2009) is settled with 3 active credit cards. 2 with zero balance (use them to shuffle the debts to low interest payments). There is a £6K balance on £40K available credit. I am also on the electoral register as this move was supposed to happen earlier in the year and I had gone ahead and registered. I maintained all these records and bank accounts at my parents address which is the same and only place I have ever been on the electoral roll.

Obviously I don't have a P60 but can provide my US tax returns which show earning in line with what I will get in the UK + bonus.

How likely am I to find a mortgage lender that would lend me around x3.5 of my salary? What are the likely challanges I will face?

Last question is that I intend to buy a home in Scotland but my official place of work will be in London. Unofficially I will be working from home half the time. Does the lender take into consideration the work address and will it pose a problem?

ethank

I think you will have a struggle around the income, although mindful that you have long service, continued employment etc. You will need to wait a few months until you have some UK payslips and bank statements - probably 3-6 months.

Some lenders will assume if you work in London that you could not possibly live in Scotland, expect to be questioned on whether this is a contrived buy to let! Your employer may be asked to confirm that you can work at home!

redhobo

Thanks for the reply. I'm ok with a 3-6m timeframe. I just dont want to be hanging on for years.

I'm assuming that the conventional route will pose a problem and I should use a more specialist broker?

I am registered in Scotland and all my credit history in Scotland - not sure if it makes a difference. My work address will be in London and I doubt they will give me anything that officially states I can work from home.

Dave_Ham

You need to engage a broker and would be useful if you had your credit file/s for them to assess.

Additionally, I assume you would have an offer letter with a salary in £sterling confirming your new role.

This may lead to solutions now, but will depend wholly on the absolute detail.

Good luck