Buying a holiday home in Orlando Florida

SuzieSue

tgangari wrote: »

SuzieSue I didn't ask "about whether to buy or not" I would like to know where I said that! I asked if anyone knew any lower deposit overseas mortgage lenders, the extra detail was in case someone did and could give me an immediate steer taking into account my current financial position.

Where did I say that you did?

I asked why you gave your reasons for wanting to buy in Orlando if you had already made your decision. If you hadn't said anything about retiring etc, then no-one would have said anything about it either.

Don't you think everyone with a bit of capital has thought about buying a property in the sun? I certainly have, but when you I looked in to it, I decided against it for the reasons given by others below and I already own my own property in the UK.

marksoton

I'd say your best bet is to enquire with realtors in the area when you're there.

Whatever you do you'll be doing it remotely the majority of the time. You need someone "local" to either look after your interests or at least know the market.

The question of residency in later life is also an important point you shouldn't underestimate if it's a serious consideration.

The USA is pretty damn picky as to who they allow to reside....

tgangari

Thanks Marksoton, my green card came through in 2006 hence why I am not worried about permanent stay etc. The high deposits percentage (in relation to UK) is the sticking point but I will enquire and discuss options when I am there. Thanks for the advice :beer:

marksoton

tgangari wrote: »

Thanks Marksoton, my green card came through in 2006 hence why I am not worried about permanent stay etc. The high deposits percentage (in relation to UK) is the sticking point but I will enquire and discuss options when I am there. Thanks for the advice :beer:

Ah,fair enough. Just be careful if it's a 10 year one and expiry dates and/or conditions attached are relevant.

Best of luck.

buglawton

tgangari wrote: »

Thanks Marksoton, my green card came through in 2006 hence why I am not worried about permanent stay etc. The high deposits percentage (in relation to UK) is the sticking point but I will enquire and discuss options when I am there. Thanks for the advice :beer:

There's a severe risk that your green card will expire if you are not resident in the U.S. or even if you are, but depart for more than 6 months to another country.
https://www.uscis.gov/green-card/after-green-card-granted/maintaining-permanent-residence

Anyone who really has a green card would be busy exploring U.S. employment opportunities!

SnooksNJ

tgangari wrote: »

Thanks Marksoton, my green card came through in 2006 hence why I am not worried about permanent stay etc. The high deposits percentage (in relation to UK) is the sticking point but I will enquire and discuss options when I am there. Thanks for the advice :beer:

Great, you are a permanent resident of the US. That means you have a SS number so you have a credit history of filing US taxes, US bank accounts, US credit cards, rent, mortgage ect. So why are you asking questions here about getting a UK mortgage here and not at Bank of America for a mortgage? Or what's that bank down in Florida, Sun Trust.
You've been a permanent resident of the US for 10 years so I assume you will be getting your US citizenship this year. Even better.

macman

Above post is spot on. You have zero dollar income, only sterling. And not resident in the USA. So hardly surprising that they want a higher deposit. If the dollar strengthens or sterling falls you will be 100% exposed.
But if you are earning £50K now and growing, then you should surely be able to save at least £1K a month towards your deposit, so in just 12m time you can double your deposit?
PS: friends of friends of ours (US residents) bought in Orlando after years of renting. It was a new development on a gated community. The developers went bust with the estate still only a fraction completed. They now live amidst an abandoned building site and the property is worth a fraction of what they paid, should they be able to sell it at all. And it's certainly not going to attract the holiday rental market.

SnooksNJ

Malcnascar wrote: »

When seen from a Banks risk point of view.
Has right to live and work in USA, does not work or live in USA. Customer wants to purchase a US home and borrow in US dollars. Bank in US does not "understand" UK and probably does not have access to UK credit reference agencies. Not only that but customer gets paid in pounds sterling. If customer becomes a wants to pay but cant, potentially the customer could just walk away and stay in UK. Bank cant easily chase for repayment.
Solution for Bank, get a larger deposit. In the event we need to foreclose this minimises, potentially eliminates a bad debt.

That's how I would run the Bank, eliminate risks for situations where my normal lending checks are "muddy"

Since the OP is a green card holder aka a permanent US resident they have to file a US tax return by converting pounds sterling to dollars. That is proof of income for the bank.

SnooksNJ

Malcnascar wrote: »

You may be right but I would check this out, as has been mentioned earlier
http://lawandborder.com/risk-abandoning-green-card-abroad-6-months/

Yes, I was trying to make a point.

I wonder if computerized passport entry has started at MCO like it has at other US airports. Because before people would just fly in when their friend or family member was on duty at passport control and have them reset the greencard.

AdrianC

SnooksNJ wrote: »

Since the OP is a green card holder aka a permanent US resident they have to file a US tax return by converting pounds sterling to dollars. That is proof of income for the bank.

It also makes them a great risk for the bank, as the US taxman likes to put his paws all over everybody that could even vaguely be connected to the US, with a real risk of problems opening accounts. Have a google over FATCA and some of the problems that have arisen from it.,

If UK lenders get wind of his green card, he may well find a UK mortgage on a US property virtually impossible to obtain.

http://www.telegraph.co.uk/finance/personalfinance/bank-accounts/12039897/I-paid-a-US-cheque-into-my-Barclays-account-and-became-unbankable.html

TBH, if he's got a green card and such a strong attachment to the US, I'm wondering why he's choosing to live and work in the UK, and hasn't gone to the US full-time already.