Mortage Application Help!

paulsally47

My wife and I are from the UK and have worked in Australia for 7 years, we have been relocated back to the UK with the same company. The same company has set up a UK Ltd company and the Directors of the Australian company are the Directors of the UK company, I am not a shareholder in either the Australian company or the UK one. The company was formed in May, 2015 and I have been back over here, being paid in pound sterling, and the contract is under UK law. I started working in my new role as of the 1st December, 2015 and I'm on 160K per year (I'm launching the UK office). The accountant has already registered me an employee with HMRC and all company tax etc is being paid. We have around 150k in savings. Obviously the UK company has not filed accounts but all relevant links abroad, head office, websites, financials can be provided.

From skimming the mortgage market it looks like we're going to have to be back for 3 years before we apply for a mortgage and we really don't want to rent. I think we're "up against it" - can anyone advise if we have any options? Credit file excellent, still have a UK bank account.

Paul

amnblog

No, you don't have to be back 3 years.

You may have options after 12 or even six months, depends on the overall case.

paulsally47

That's good news, thank you!

I'm heading back there in March for training. Is there anything I should bring back with me to help enhance the application from either a personal or company perspective?

paulsally47

Can anyone offer any further thoughts or advice please?

MortgageMamma

Not sure where in the UK you are located but

If you live in the north, you could BUY a reasonable home for the amount of your savings.

If you live in the south, you need a REALLY good mortgage advisor who knows what they are doing. Don't apply for anything until you've taken advice. How much are you considering borrowing?

MortgageMamma

paulsally47 wrote: »

That's good news, thank you!

I'm heading back there in March for training. Is there anything I should bring back with me to help enhance the application from either a personal or company perspective?

Proof of when the AUS company was incorporated would be useful, maybe an accountants letter and if there are any public accounts for the AUS company may be a good idea too. Copy of contract of employment, your bank statements, the usual ID etc. It would also probably be useful to have details of the UK limited companies incorporation, assets and liabilities.

A lender may not inspect to that degree, but I think if you can provide it it would certainly increase your chances.

paulsally47

Hi,

Thank you for the information, that really helps.

Looking at a house for around 660K - would prefer to put down 10%, happy to do 15% or a little more. I have quite a bit of info already for the Australian company. The UK company was essentially formed as a subsidiary so I can retain being an employee as I didn't want to be a director and have the associated responsibilities on my head! Do you think I should supply all the relevant information from the beginning if I can find a lender?

MortgageMamma

I think it helps to have everything together right from the start. The last thing you should do is approach a bank direct. I have a strong feeling that the mainstream lenders could be troublesome with this, but don't take my word for that as I've not worked as a broker since 2008.

I think you need a REALLY experience and truly whole of market broker. Someone who can make phone calls on your behalf NOW so that you know what your options are when you arrive in the UK. There are plenty that will talk to you via email/skype whatever as I imagine phoning would be expensive and the time difference could be an issue too.

I think at this stage with a broker you would only really need to give your details and that you have a British Passport. And of course your income, expenditure, who covers the relocation costs etc. Do you have any credit accounts running from when you lived in the UK previously as that could help your situation.

paulsally47

OK, thank you.

Good advice, I will try to find a good broker and, from the beginning, give them as much information as possible.

Appreciate your help!

MortgageMamma

Your best bet is to ask friends and family for a recommendation, and when you speak to the broker ask them "are you truly whole of market or do you work from a panel representative of the whole of market?" if the latter, move on. If you can't get a recommendation from family/friends then this is a good place to start looking. You need to know how long they have been doing the job and if they have experience dealing with expat mortages etc. http://www.cherryfind.co.uk/

paulsally47

Thanks again:-)

Will they be tougher on me because of my high annual salary (160K) and the potential value of the property? 600k plus. I mean this nicely and without boasting, I'm just trying to understand how the lenders will work. I guess my situation is not an easy one.....