Getting a UK mortgage when Working Abroad

Fernwl

Hi everyone,

I wonder if anyone would be able to offer any advice to me on my current mortgage predicament.

My sister and I are looking to buy our first property together, we were 4 months into a purchase with mortgage sorted, surveys done etc when the vendor pulled out unexpectedly. We were understandably devastated as a lot of stress and money has gone into this purchase.

I currently work in the UK but in January am moving to Australia to do a similar job (returning to a previous employer there). We had hoped to have everything done and dusted by then (as we put our offer in in August!) and our mortgage provider (Halifax) had said this was fine as long as we were in the house before the job change.

Now however we are back to square one expect that I no longer have a UK based job. I will be earning the same amount in Australia but Halifax say they don't accept income from abroad.

Does anyone know of any mortgage providers who do accept income from abroad (my sister will still be in the UK in the same job as she has been in and we are looking to buy together). Are there any other ways around this that anyone has had experience with?

I should say I am a UK citizen and resident (and NZ citizen which allows for working in Aus) and have lived here all my life and do plan to return and work here again later in the year.

I would be very grateful for any advice you can give me.

Many thanks,
Fern

cooltt

Since the crash it is incredibly difficult to get an Overseas Income Mortgage but not impossible. You will need the help of a company that specialise in this type of mortgage so you don't have to spend weeks asking every lender in the country. There are also very strict requirements for an OIM with all sorts of documentation required.

Off the top of my head there's a company called Capital fortune something but do a google search. As i said they are very difficult to successfully apply for so do your research.

Thrugelmir

Fernwl wrote: »

Now however we are back to square one expect that I no longer have a UK based job. I will be earning the same amount in Australia but Halifax say they don't accept income from abroad.

However you won't be living in the property so will have other living costs to cover. Also any money you remit home will be subject to the whims of the foreign exchange markets.

Fernwl

I wasn't going to be living in the property originally, my sister is the main applicant and will be living there with a room mate. The job I have in Australia provides accomodation as well so money is not the problem which is very frustrating.