Getting a mortgage after being away from the UK

homebound

I'll be coming back to the UK to live in the next 1-2 months, having been outside of the country for close to 7 years.

During that time I kept myself on the election register and for the past three years I've been using a UK credit card to boost my credit rating.

I posted last year that I'd be lucky enough to buy a house 100% mortgage free when I return, but due to some unforeseen circumstances I've had to keep some investments out of the UK (all legal and above board).

So I'll need a 50-60,000 pounds mortgage on a house in the 230,000 pound price bracket.

But I want to buy ASAP when I get back to the UK, but won’t start working until August-September.

Will I be able to get 50-60 grand from a bank with, say a letter from my employer stating that I'll be starting work on X salary?

I'm guessing a stand a much better change at the bank I currently bank with?

Any ideas?

Buying a cheaper house is out of the question - this is a
'cheaper' place where I live. I need to live in this location too.....

kingstreet

You'll need to be back in the UK for at least six months, then you'll have one lender to choose from.

Then after twelve months, a couple more.

Speak to an independent broker when you get back. They will be able to match your residence and employment issues and find the right lender.

Tim_Bisley

Kingstreet always gives good advice so I'm not contradicting that, but thought I'd share our experience.

We'd been out of the country for two years, albeit keeping some accounts open in the UK. Our broker told us that Halifax didn't mind us not being resident for a period of time and we got an AIP within 2 months of our return. We had some valuation issues so ended up switching to RBS. Mortgage was agreed and we completed on the property within 6 months of our return date.

Best advice on here is always speak to a broker!

kingstreet

As passing credit score with Halifax having only been back in the UK five minutes might not be possible, I deliberately left it out.

You kept UK stuff going and were only away two years, the OP seven. It may be accepted, it may not.

Amusing that you were accepted by RBS, when it's group member NatWest requires you to have been back in the UK for six months.

I think lenders make stuff up as they go along.

Thrugelmir

homebound wrote: »

I'll be coming back to the UK to live in the next 1-2 months, having been outside of the country for close to 7 years.

During that time I kept myself on the election register and for the past three years I've been using a UK credit card to boost my credit rating.

After 7 years you are a blank canvas to lenders. The interest that lenders have in the electoral roll is that it enables them to knit your credit history together where ever you reside. Credit card usage means very little.

Tim_Bisley

Yeah - I was surprised at the RBS acceptance as we'd been told initially Halifax was the only option. Not complaining though.

As I said, just sharing what happened. I bow to your greater knowledge

Tim_Bisley

Thrugelmir wrote: »

The interest that lenders have in the electoral roll is that it enables them to knit your credit history together where ever you reside.

Oh, and interestingly we were accepted prior to being on the electoral roll at all.

homebound

I bank with Natwest, so the 6 months thinngy will be intersting.

If they wont give me a mortgage, I might have to do some deep sighing, then switch banks and take all my money with me. :rotfl:

Rules are rules I suppose, can't fight the system and all that!

There may be a little loop hole I can exploit. I will post here if it works.

If not I'll just rent for 1 year and pay cash up front for the 12 months. (what a waste of money!)