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Returning expat mortgage
Marine_life
Posts: 1,059 Forumite
We are returning to the UK after a long time away (18 years) and, having found a property, were interested in taking a mortgage. We could pay cash for the property but as we could (probably) earn more by investing a low rate mortgage for a couple of years would make sense.
However, having been through one broker it seems not possible and I wonder if anyone has thoughts and suggestions.
The basic facts are that we were looking for a mortgage at 60% LTV which would only be something like 2x current earnings. We have no other debts or liabilities and the only slight complication is that I will continue to be paid in EURO (although that will be paid monthly into a UK bank at the prevailing exchange rate)
I can understand this isn't a typical case but it seems to me the risk is incredibly low.
The ridiculous thing is that we could by the house for cash and then remortgage and the only thing that would change (from a lenders perspective) is that we would have a UK address. Are uk banks really that inflexible?
However, having been through one broker it seems not possible and I wonder if anyone has thoughts and suggestions.
The basic facts are that we were looking for a mortgage at 60% LTV which would only be something like 2x current earnings. We have no other debts or liabilities and the only slight complication is that I will continue to be paid in EURO (although that will be paid monthly into a UK bank at the prevailing exchange rate)
I can understand this isn't a typical case but it seems to me the risk is incredibly low.
The ridiculous thing is that we could by the house for cash and then remortgage and the only thing that would change (from a lenders perspective) is that we would have a UK address. Are uk banks really that inflexible?
Money won't buy you happiness....but I have never been in a situation where more money made things worse!
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Comments
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Marine_life wrote: »Are uk banks really that inflexible?
its seems so ;-)Money won't buy you happiness....but I have never been in a situation where more money made things worse!0 -
I have had a couple of emails recently about expat mortgages, they were for BTLs, but they may be open to residential Mortgages.
Try another broker maybe and see what they come back with?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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